It appears the digitalization vision of Vice President Dr Mahamudu Bawumia is yielding results after a report on financial inclusion in Africa named Ghana as the only country to have a 100% score.
Vice President Dr. Mahamudu Bawumia has been leading the digitization drive in this administration.
The ‘State of Inclusive Instant Payment in Africa’ Report put together by AfricaNenda and launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda, found Ghana far ahead of her peers in regard to financial inclusion.
The 2022 ‘State of Inclusive Payment in Africa’ report focused on inclusive instant payment systems in 12 African countries.
Ghana, which has for some time now has been putting in place measures to ensure financial inclusion and financial technology remarkably, was the only country that scored 100% on access to financial inclusion.
This achievement by Ghana is as a result of successful implementation of the mobile money interoperability (MMI) platform, an initiative Vice President, Dr Bawumia’s digitalisation agenda and a policy he has been working on since 2007.
The mobile money interoperability MMI platform integrates all payments platforms across banks, fintechs and telcos, giving access to every Ghanaian to make and receive instant payments.
It is hosted on the Ghana Interbank Payments and Settlements Systems (GhIPSS), which again, was the brainchild of Dr Mahamudu Bawumia during his time at the Bank of Ghana.
Speaking at the Mobile World Congress Africa, Chief Executive Officer of GhIPSSS, Archie Hesse, explained how the platform was gradually improved upon to get to its current state.
He explained that, GhIPSS started by first integrating banks to make them interoperable on the back of the GhIPSS Instant Pay (GIP); then GhIPSS introduced a biometric payment system called e-zwich, which was also made interoperable, before moving on integrate the mobile money operators into an interoperable platform.
“What we then did was to close the triangle by making all the three platforms interoperable to ensure that no matter who is making payment and from wherever, they will be able to do so seamlessly and instantly,” he said.
Vice President ,Dr Bawumia spearheaded the introduction of the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS), a wholly-owned subsidiary of the Bank of Ghana during his time with the central bank of.
The 2022 ‘State of Inclusive Payment in Africa’ report focused on inclusive instant payment systems in 12 African countries.
It is hosted on the Ghana Interbank Payments and Settlements Systems (GhIPSS), which again, was the brainchild of Dr Mahamudu Bawumia during his time at the Bank of Ghana.
Speaking at the Mobile World Congress Africa, Chief Executive Officer of GhIPSSS, Archie Hesse, spoke on how the platform was gradually improved upon to get to its current state.
According to him, GhIPSS started by first integrating banks to make them interoperable on the back of the GhIPSS Instant Pay (GIP); then GhIPSS introduced a biometric payment system called e-zwich, which was also made interoperable, before moving on integrate the mobile money operators into an interoperable platform.
“What we then did was to close the triangle by making all the three platforms interoperable to ensure that no matter who is making payment and from wherever, they will be able to do so seamlessly and instantly,” he said.
Dr Bawumia spearheaded the introduction of the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS), a wholly-owned subsidiary of the Bank of Ghana during his time with the central bank.
