Mobile Money: BoG reduces interoperability charge to 1%

The Bank of Ghana has expressed its commitment to reducing mobile money interoperability charges in the country.

Addressing a gathering at the official opening of Zeepay Head Office, Governor of Bank of Ghana (BoG), Dr Ernest said the interoperability charge which used to be 1.5% has now been reduced to 1%.

This he believes will lessen the burden that the charges have on users’ finances.

“The Bank has worked with the industry to reduce charges on mobile money interoperability to a maximum of 1 percent. This will ease customers’ financial transactions within the mobile money interoperability system, foster the adoption of digital financial services, and deepen financial inclusion.

“Also, the new directive on merchant categorisation will ensure that micro, small and medium-sized enterprises (SMEs) that are not registered as corporate entities can now have access to merchant wallets. This is expected to entrench the adoption of digital payment services in the informal sector,” he said.

Dr. Addison further stated that his outfit is devoted to nurture the potential of technology to build a robust system to win consumer confidence and trust in financial digitisation.

“With the future of banking resting on digital technology, the Bank has created the right conditions to nurture and harness the talents and creative skills of young Ghanaian innovators into the financial space.

“So far, the impact of innovative Fintech-driven financial products and services has been phenomenal. From employment creation to foreign direct investments’ technology transfer and skills enhancement to financial inclusion, the footprints of FinTechs are visible,” he said.

Meanwhile, the Chief of Staff of the Akufo-Addo administration Frema Opare also indicated government’s commitment to stabilising the financial sector.

According to her, the introduction of bold monetary policy programmes has opened the country to the international community.

She stated that Ghana, through the innovative policies experienced significant dividends such as the deepening of the Financial Service sector and expansion in GDP from $58.9 billion in 2017 to $65.3 billion as at first quarter of 2020.