Former Vice President, Dr Mahamudu Bawumia
When former Vice President Dr Mahamudu Bawumia launched Ghana’s innovative instant payment system—mobile money interoperability, it marked a groundbreaking moment on the African continent and one of the first of its kind in the world.
Seven years on, Ghana’s landmark interoperable payment system, which enables seamless transactions between all mobile money wallets and all banks, remains the only one of its kind in Africa. It continues to serve as an enviable reference point in global rankings, ahead of many developed nations.
Just a few days ago, multiple reports from Canada announced that the country is finally set to roll out its much-anticipated instant payment system.
For years, Canadian fintechs have urged Payments Canada to accelerate the long-delayed Real-Time Rail (RTR) instant payment system. This system will deliver the kind of instant and seamless payments that Ghanaians have enjoyed for the past seven years.
While Ghana’s instant interoperable payment system was realized through collaboration between GhIPSS, telecom companies, and banks, Canada’s version is being developed through a partnership between Canadian fintech company Nuvei and Mastercard.
Expectations are already high in Canada, and the collaboration is expected to enable near-instantaneous payout capabilities for both businesses and individuals.
“Today’s businesses operate in a competitive and fast-paced environment, always fighting to attract and retain customers. Across multiple sectors, we know customers want fast and easy reconciliation of payments,” Darrell MacMullin, Senior Vice President, Commercial and New Payment Flows, Mastercard Canada, said.
Ghana continues to receive international recognition for its early leadership in implementing an instant, interoperable payment system.
Numerous fintech institutions have acknowledged Ghana’s pioneering role in the sector, consistently ranking it number one in Africa and among the best globally for its effective interoperable payment infrastructure.
This development has also earned former Vice President Dr Mahamudu Bawumia widespread commendation for championing a transformative digital payment system during his tenure.
AME
