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Mobile money interoperability was funded by $4.5m BoG loan– GHIPSS CEO

Written by  May 15, 2018
The Chief Executive Officer of the Ghana Interbank Payment and Settlement Systems (GHIPSS), Archie Hesse has revealed that the company took a loan of 4.5 million dollars from the Bank of Ghana to implement the mobile money interoperability project. Speaking in an interview with Accra based Citi Fm he said the Central Bank gave the funds to the GHIPSS with the expectation that the company will meet some benchmarks in the next five years to enable them to pay back the loan. “I know there has been a lot of a talk about the cost of the mobile money interoperability project but the Central Bank owns it 100%, and we have a range of deliverables to meet which includes mobile money. As a result, we spoke to our parent company the Central Bank, and they gave a loan of 4.5 million to solve up the capability of our system to meet this particular demand,” he added. Vice President recently launched the mobile money interoperability. The service allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks. The service will also enable mobile money users to transfer funds directly from their wallets to any bank account, debit or pull funds from their accounts and credit their wallets and also have users transfer funds from their wallet to any e-zwich card. The cost for the project has become a tango with the current government accusing the past administration of plotting to use the project to create, loot and share. Deputy Communications Minister, George Andah is claiming that the previous National Democratic Congress (NDC) wanted to use the mobile money interoperability project as an avenue for create, loot and share. The ‘’non-negotiable’’ project he sated was going to cost tax payers an amount of $1.2 billion which would have gone to the supplier. In an interview with Kwame Tutu on Rainbow Radio 87.5Fm, he said after assuming office, the Vice President Dr. Mahamudu Bawumia, realized that, the process was a create , loot and share for some individuals. Mr. Andah said the current administration had no other option than to go through the right channel to cancel the contract and in cancelling the contract, what we have come out with is mobile money interoperability which will cost the nation an amount of $4.5 million and so the difference is that, the contract that they signed was for $1.2 billion and we have signed same for $4.5 million. ‘’We are happy that the NDC was out of power and the NPP assumed office to save Ghana from the create, loot and share. We have saved Ghana a lot of money. The figure represents the entire solution […] this is a government that listens, this is a government that wants to ensure that we have A Ghana beyond aid,’’ he said. When asked if there was a competitive bidding, he answered saying, it went through the right procurement process.
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