In the wake of the controversy surrounding the Mobile Money Interoperability project, Kasapafmonline.com has secured the full contract of the agreement entered into by the Bank of Ghana and Sibton Switch System.
Former Governor of the Bank of Ghana, Dr. Abdul-Nashiru Issahaku, on Monday described as totally false, claims that the Central Bank, during his tenure, intended committing a sum of GHS4.6billion to power the mobile money interoperability contract with Sibton Switch.
This is in contrast with Vice President, Dr. Mahamudu Bawumia’s comments regarding the project.
In October 2017, Dr Bawumia said: “There were many people who were offering similar solutions, but thankfully the BoG in collaboration with GhIPSS has finally been able to solve this problem and the interoperability system for Ghana will be launched next month.”
“What is even more remarkable about what has happened is that, again, a lot of people were quoting billions of dollars and it became an issue of public debate, but by the way, this system has now been built for less than $4 million dollars,” he said at the University of Cape Coast when he spoke at the school’s Institutional Advancement Lecture last year.
A statement released by the former BoG Chief outrightly denied the GHS4.6 billion quotation making rounds, saying: “I wish to categorically state that the claim that the Bank of Ghana (BOG), under the previous NDC regime was to commit an amount of GHS4.6 billion of public funds to the proposed switch to interconnect mobile money transactions, is totally false and should be disregarded.”
The Mobile Money Interoperability system created by Ghana Interbank Payment and Settlement Systems (GhIPSS) was launched by Vice-President Dr Mahamudu Bawumia last week and cost GHS18 million, thus, saving the country GHS4,582,000,000.
Interoperability is the ability for customers to undertake money transfers between two accounts at different mobile money companies or to transfer money between mobile money accounts and bank accounts.