Ghana Politics News-The Brong-Ahafo Regional Secretary of the New Patriotic Party, Mr Kofi Ofosu Boateng has lauded the Vice-president for introducing the mobile money interoperability idea into the economic settings of the country.
According to him, the initiative has bore tremendous fruits in just five months after its into introduction.
He said the NPP government’s commitment to supporting start-ups through policies and programmes designed to ensure the success of the mobile money interoperability system has given rise to the success of the project.
Speaking to the media following the release of data from the Ghana Interbank Payment and Settlement System (GhIPSS), which indicates that over 1.1 million transactions was recorded at the end of September with the total value of cross-network transactions amounted to about 99.3 million Ghana cedis, the BA Secretary was highly elated.
DETAILS
According to GhlPSS in its first month of operations, only 96 thousand transactions took place but that figure has risen steadily over the period to over 312 thousand transactions in the month of September alone.
Chief Executive of GhIPSS Archie Hesse earlier in an interview said the continuous growth in the volume of transactions clearly shows that the mobile money interoperability came to fulfill a need.
BACKGROUND:
The Vice President last year issued a challenge to the Bank of Ghana, the Ghana Interbank Payment and Settlement Systems (GhIPSS), the Telcos and financial institutions to ensure that mobile money platforms were interoperable.
This was to make banking services more accessible to the large unbanked population, estimated to be about 70%.
Dr Bawumia noted mobile money payment interoperability system is expected to largely eliminate the difficulties associated with traditional banking services.
COMMENDATION:
Mr Kofi Ofosu Boateng praised Dr Bawumia whose efforts had resulted in a platform that provides a financial transactions engine that is versatile, efficient, robust, and enhances patronage.
He said the fulfilment of this singular achievement reechoed President Nana Addo Dankwa Akufo-Addo’s belief that with the right conditions and leadership, there is nothing that cannot be achieved as a people.
”It is informative to stress that as part of the commitment and determination by government to protect the public purse the mobile money interoperability project was executed with a just Ghc4 million instead of the earmarked GHc 1.2 billion by the previous NDC government”, the Secretary revealed.
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