Vice President Dr. Mahamudu Bawumia has said that following the successful implementation of Mobile Money Payment Interoperability by the Akufo-Addo government, about 15 million Ghanaians essentially have bank accounts.

The Vice President while addressing the youth wing of the New Patriotic Party on Wednesday,13th of August said “Many people, did not and still do not quite understand what I meant when I said every eligible Ghanaian will be able to get a bank account. They were thinking about traditional bank accounts. Well, I can say without any fear of contradiction that as a result of mobile money interoperability over 15 million Ghanaians today (many of whom are unbanked in the traditional sense) have a bank account. This is a remarkable achievement and shows the power of digitization”

He further stated that Ghana is the first and only country in Africa to achieve mobile money interoperability and thanks to that Ghana is now the fastest growing mobile money market in Africa.
Background

The Vice President of the Republic, Dr. Mahamudu Bawumia, launched the first mobile money payment interoperability system in Ghana. Interoperability is the ability for customers to undertake money transfers between two accounts at different mobile money companies or to transfer money between mobile money accounts and bank accounts.

Addressing the launch ceremony for the first phase of the interoperability project in Accra on Thursday 10th May 2018, the Vice President said “is a historic day for Ghana. A very big deal. We thank God for this day…This singular achievement reinforces President Nana Addo Dankwa Akufo-Addo’s belief that with the right conditions and leadership, there is nothing we cannot achieve as a people.”

He added that mobile customers can move money from their mobile money accounts to bank accounts without any hassle, freeing up funds locked up in the telecom sector.