The Vice President, Dr. Mahamudu Bawumia is advocating a review of the cap on daily mobile money transfers.
He explains this should reduce the turnaround time for businesses and individuals.
The Vice President made the remark when he launched the second phase of the mobile money interoperability on Wednesday, November 28, 2018.
“Given this powerful platform, it may be necessary to take a second look at the ceiling we have placed on the amount of money that can be transferred daily of course with the attendant security to ensure that the system is not compromised. This is to ensure that people and businesses will have the latitude to send and receive money across these platforms,” he said.
Dr. Bawumia added, “The possibilities are really major and I am counting on our fintechs to help lead the drive on our full utilisation of the platform that has been created.”
Between May and October this year, the mobile money interoperability platform had recorded 1.4 million transaction with value of over 140 million cedis.
The CEO of GhIPSS, Archie Hesse highlighted Ghana’s position within the global financial inclusion space.
“The three uniquely interoperable platforms; bank accounts, mobile money platforms, bank account, ezwich, mobile money platform have been connected making Ghana one of the few in the world to achieve a full universal interoperability in the sub region.”
Meanwhile the Governor of the Bank of Ghana, Dr. Ernest Addison stressed the central bank’s sole concentrated power to control the mobile money space.
“As the sole regulator in the mobile money sector, the central bank will ensure that the right things are done to regulate the sector. We will continue to regulate and monitor activities within the space and ensure that all participants play by the rules.”
“The Bank of Ghana has a key responsibility to safeguard the financial system, to underscore the trust that is central to the financial system. It is therefore critical to ensure the confidentiality of transactions, privacy of data collected by the operators in this space including personal and financial data,” he concluded.
The phase two of the mobile money interoperability allows one to send and receive money from mobile money account to ezwich account.