Some 96,904 cross-network mobile money transactions took place in the first month of the launch of mobile money interoperability.

The transactions are valued at over ¢8.3 million.

These transactions are limited to transfers from mobile money wallet to another, according to a report on the first-month performance of the mobile money interoperability, launched on May 10, this year.

The report sourced from the Ghana Interbank Payment and Settlement System (GhIPSS), also indicates that close to 40, 000 transfers were made from mobile money wallet to bank accounts valued at almost ¢4.2 million.

This brings the total volume of transactions, comprising mobile money wallet to another wallet as well as mobile money wallet to a bank account, to over 136,000, valued at about ¢12.5 million.

The launch of mobile money interoperability made a seamless transfer of funds from one mobile network to another possible.

It also becomes possible for people to transfer funds from their mobile money wallet into their bank account without physically going to a banking hall or using the platform of a Fintech.

Mobile money interoperability is a major breakthrough, which is expected to deepen financial inclusion in Ghana.