BoG Data: Mobile Money Transactions Jump to GH¢67.9 Billion

Ghana cedi notes

Accra, Ghana//-The latest Economic and Financial Data from Bank of Ghana (BoG) revealed that the total value of Mobile Money (MoMo) transactions in the country has jumped to GH¢67.9 billion in February 2021, from GH¢30.1 billion in February last year.

This represents a significant 37.8% growth attributable to the Covid-19 pandemic restrictions which propelled more Ghanaians to send cash to their relatives and friends through mobile phones and tablets.

Also since the outbreak of the pandemic in March 2020, businesses have been using the MoMo platforms namely-MTN Mobile Money, AirtelTigo Money and Vodafone Cash for transactions.

The month of January 2021 alone recorded GH₵67.1 billion as the total value of MoMo transactions compared to GH₵30.2 billion within the same last year.

While the balance on float for all mobile money transactions in the country rose to GH₵7.2 billion in February 2021 from GH₵3.6 billion in February 2020.

The data https://www.bog.gov.gh/wp-content/uploads/2021/03/Summary-of-Economic-Financial-Data-March-2021.pdf  which was released in March 2021 also disclosed that the total number of mobile money transactions grew to 295 million in February this year.

That is 295 million transactions in February 2021 compared with 193 million within the same period last year.

The data indicated that there were 40.9 million registered mobile money accounts in the West African country as at the end of February 2021 as against 32.7 million in February 2020.

Additionally, active mobile money accounts stood at 17.5 million in February this year, depicting an increase of 2.8 million compared to the 14.7 million recorded in February 2020.

Therefore, today, there are some 17.5 million active mobile money accounts in Ghana with GH¢ 571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the value recorded in 2019, made possible with the help of some 344,000 active mobile money agents as at December 2020.

MoMo penetration

It is apparent that Mobile Money popularly called (MoMo) is penetrating across the length and breadth of the country. It keeps recording significant growth in terms of number of agents and customers, since its introduction in Ghana in 2009 by MTN Ghana, a subsidiary of Scancom PLC.

According to the data, the total number of registered MoMo agents shot up to 465 thousand in February 2021 compared to 324 thousand agents in February 2020.

While the total active MoMo agents as at the end of February 2021 surged to 356 thousand from 235 thousand within the same period last year.

Cross-network MoMo transactions up

The latest summary of economic and financial data released by the central bank, again, indicated that the total value of Ghana’s mobile money interoperability (MMI) platform increased to GH₵990.7 million in February 2020, from GH₵126.6 million within the same period in February 2020.

While the total number of transactions conducted through the MMI platform rose significantly to 6.2 million in February 2021 compared with 1,554 in February 2020.

The MMI is a platform that allows customers to transfer money from one network to another seamlessly.

Other payment systems

Touching on the other payment systems, the data noted that the total value of cheques cleared at various banks across the country increased to GH₵15.5 billion in February 2021, from GH₵14.0 billion in February 2020.

E-Zwich also saw an increase in total value of GH₵786.8 million in terms of transaction in February 2021, compared to GH₵772.3 million reported in February 2020.

Additionally, Ghipss Instant Pay (GIP) had an increase in total transaction value of GH₵1324.2 million in February 2021 as against GH₵ 299.3 million within the same period in 2020.

Transactions on Gh-link also recorded an increase total value of GH₵27.7 million in February 2021 compared with GH₵23.6 million in February 2020.

Bottom line

Therefore this data is indicating that financial transactions in Ghana are shifting at a fast pace from traditional banks to the platforms offered by telecoms companies such as MTN Ghana, Airtigo Money, and Vodafone Cash.

Progressively, the range of mobile accessible goods and services has successfully extended to the purchase of mobile communication credits, financial services, payment of public service bills or salaries, among others.

By Masahudu Ankiilu Kunateh, African Eye Report

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