MoMo Interoperability – Bawumia Vindicated As Ghana Adjudged Only African Country To Score 100% On Financial Inclusion | General News

The digitalization imaginative and prescient of Vice President Dr Mahamudu Bawumia has been vindicated after a report on monetary inclusion in Africa named Ghana as the one nation to have a 100% rating.

The 'State of Inclusive Instant Payment in Africa' Report put collectively by AfricaNenda and launched on the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda, discovered Ghana far forward of her friends in regard to monetary inclusion.

The 2022 'State of Inclusive Payment in Africa' report centered on inclusive prompt cost techniques in 12 African nations.

Ghana, remarkably, was the one nation that scored 100% on entry to monetary inclusion.

Ghana's feat is because of the profitable implementation of the cell cash interoperability (MMI) platform, a bedrock of Dr Bawumia's digitalization agenda and a coverage he has been engaged on since 2007.

The cell cash interoperability MMI platform integrates all funds platforms throughout banks, fintechs and telcos, giving entry to each Ghanaian to make and obtain prompt funds.

It is hosted on the Ghana Interbank Payments and Settlements Systems (GhIPSS), which once more, was the brainchild of Dr Mahamudu Bawumia throughout his time on the Bank of Ghana.

Speaking on the Mobile World Congress Africa, Chief Executive Officer of GhIPSSS, Archie Hesse, spoke on how the platform was steadily improved upon to get to its present state.

According to him, GhIPSS began by first integrating banks to make them interoperable on the again of the GhIPSS Instant Pay (GIP); then GhIPSS launched a biometric cost system referred to as e-zwich, which was additionally made interoperable, earlier than transferring on combine the cell cash operators into an interoperable platform.

“What we then did was to close the triangle by making all the three interoperable platforms to ensure that no matter who is making payment and from wherever, they will be able to do so seamlessly and instantly,” he stated.

Veep's Vision Bearing Fruit
During his time main the BOG's digital efforts, Dr Bawumia spearheaded the introduction of the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS), a wholly-owned subsidiary of the Bank of Ghana.

GHIPPS was integrated in May 2007 with a mandate to implement and handle interoperable cost system infrastructure for banks and non-bank monetary establishments in Ghana.

The system has been essential in transferring Ghana's digital banking revolution ahead in leaps and bounds and was essential to the institution of the cell cash interoperability system, as Dr Bawumia famous throughout a 'Bawumia Speaks' lecture at Asheshi University in 2021.

“Thanks to the Bank of Ghana and Ghana Interbank Payments and Settlement System (GhIPSS), the mobile money payments interoperability has made it possible to transfer money seamlessly across different mobile money providers and between bank accounts and mobile wallets,” the Vice President acknowledged.

That imaginative and prescient has come full circle, with Ghana's monetary inclusion being hailed on the ongoing Mobile World Congress Africa 2022.

More just lately, Kenya's best each day, the Standard, praised Ghana's digital revolution and referred to as on Kenya and the remainder of the continent to comply with in Ghana's footsteps, writing that Ghana's indefatigable Veep is main a “digitization footprint that Kenya and Africa can emulate “