Accra, Ghana, October 5, 2020//-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 surged by GH₵ 29.9 billion.
The total value of MoMo transactions increased to GH₵5.5 billion in August 2020, from GH₵26.1 billion, within the same period in 2019, according to the data.
While the balance on float for all mobile money transactions in the country rose to GH₵5.5 billion in August 2020, from GH₵3.1 billion in August 2019.
The data also revealed that the total number of mobile money transactions grew by 92 million in June 2020. That is 267 million transactions in August 2020 compared with 175 million within the same period last year, the Summary of the Economic and Financial Data for September 2020, released by the Bank of Ghana, noted.
Furthermore, the data indicated that there are 34.5 million registered mobile money accounts in the West African country as at August this year against 33.4 million in August 2019.
Additionally, active mobile money accounts stood at 15.9 million in August 2020, depicting an increase of 1.8 million compared to the 14.1 million recorded in August last year.
MoMo penetration
It is clear 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.
Cross-network MoMo transactions up
The data again, indicated that the total value of Ghana’s mobile money interoperability (MMI) platform increased to GH₵685.0 million in August 2020, from GH₵65.7 million within the same period out of a total transaction of 4,580 in August, this year.
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₵14.0 billion
in August 2020, from GH₵13.3 billion in August last year.
E-Zwich also saw an increase in total value of GH₵ 579.0 million in terms of transaction this August, compared to GH₵493.1 million reported last year in August.
While the Ghipss Instant Pay (GIP) had an increase in total transaction value of GH₵ 885.3 million in August 2020 as against GH₵179.3 million within the same period in 2019.
Transactions on Gh-link also recorded an increase total value of GH₵ 30.8 million in August 2020 compared with GH₵21.8 million in August 2019.
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
