It is an indisputable fact that it takes time and effort to transact mobile money across networks. Kudos to mobile money vendors who do quite a good job for owning different SIM cards to aid in transacting
money across different telecom networks. Not forgetting Ghanaians who live in an underserved community where there are no banks; depositing and withdrawal from your bank is a herculean task.
Well, the good news now is, all these are history with the introduction of the Mobile Money Interoperability (MMI).
Dr. Mahamadu Bawumia, the vice president of the republic of Ghana has just launched the Mobile Money Interoperability and it’s all yay and gay for Ghanaians. From now, the people of Ghana should be able to transact mobile money and e-banking with ease. But don’t be frightened by the grand nature of the word Interoperability. The model simply means the ability for customers to undertake money transfers between two mobile money accounts of different telecommunication companies or transfer money between mobile money accounts and bank accounts. This is to eliminate the inconveniences and complexities associated with transferring money across networks including the traditional banking system.
Why you should care
Possessing different SIM cards for the purpose of transacting money is far gone down our memory lanes since this new model means that customers need not necessarily possess SIM cards for all networks in order to transact money.
This comes as an upsurge in creating convenience for Ghanaians who transact mobile money. Also this
platform would make the use of e-commerce more appealing to the general public. It is also among others to reduce the pressure on customers who would like to transact money across networks and those in remote areas and to allow customers to transact businesses at odd hours.
Convenience… then what?
It is however unclear how this will affect the number of mobile money merchants operating across the width of the country taking into consideration MTNs yet to be launched Self-service Kiosk which may eventually strip mobile money agents of their source of income.
If you missed the story on the new MTN self-serving kiosk to be introduced, read it here
The woes of tech inventions snatching people’s jobs rears its ugly head whenever a new product is introduced.