The mobile money service which allows for the seamless transfer of funds across different networks popularly referred to as the Mobile Money Interoperability (MMI), has increased by 358% in the first quarter of 2020.

According to the figures from the Ghana Interbank Payment and Settlement Systems (GhIPSS), this is an increase compared to the same period last year where the platform recorded GHC1.11million. This year, the volume went up to over GHC5.12 million transactions.

Since the MMI was introduced, it has become easier to transfer funds across different mobile networks.

Speaking to the Ghana News Agency, the Chief Executive of GhIPSS, Archie Hesse, said that the MMI has made payments through mobile money an efficient and east one.

He, therefore, entreated all businesses to accept payments from mobile money wallets as one of the default modes of payment or risk losing out on potential income.

MMI transactions include transfers from wallets to bank accounts as well as from wallets to E-zwich cards.

But these two make up for less than 3% of the volume of transactions. This means that an overwhelming majority of the transactions involve wallet to wallet transfers.