Accra, Ghana//- The total value of Mobile Money (MoMo) transactions in Ghana jumped by GH¢51 billion, the latest Economic and Financial Data from Bank of Ghana (BoG) revealed.
According to the data, the total value of MoMo transactions through mobile phone and tablet users in the country rose to GH¢83.8 billion in April 2021 compared with GH¢ 32.8 billion in April 2020.
This significant growth is 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 data also revealed that the total number of mobile money transactions soared to 323 million in April 2021. That is 141 million transactions up in April 2020 compared with 182 million within the same period last year.
While the balance on float for all mobile money transactions in the country rose to GH₵7.4 billion in April 2021 from GH₵4.1 billion in April 2020.
The data Summary of Economic & Financial Data – May 2021.pdf which was released in May 2021 also revealed that there were 42.1 million registered mobile money accounts in the West African country as at the end of April 2021 as against 34.9 million in April 2020.
Additionally, active mobile money accounts stood at 17.2 million in April this year, depicting an increase of 2.7 million compared to the 14.5 million recorded in April last year.
Therefore, today, there are some 17.2 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 485 thousand in April 2021 compared to 338 thousand agents in April 2020.
While the total active MoMo agents as at the end of April 2021 surged to 386 thousand from 254 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₵1367.7 million in April 2021, from GH₵186.0 million within the same period in April 2020.
While the total number of transactions conducted through the MMI platform rose significantly to 8.5 million in April 2021 compared with 2.3 million in April 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₵17.5 billion in April 2021, from GH₵10.0 billion in April last year.
While the total number of cheque transactions inched up to 507 thousand in April this year as against 326 thousand transactions made by cheques within the same period last year.
E-Zwich on the other hand saw a drop in its total value to GH₵605.7 million in terms of transaction in April 2021, compared to GH₵628.8 million reported in April 2020.
Additionally, Ghipss Instant Pay (GIP) had an increase in total transaction value of GH₵2220.5 million in April 2021 as against GH₵443.3 million within the same period in 2020.
Transactions on Gh-link also recorded an increase total value of GH₵35.1 million in April 2021 compared with GH₵18.7 million in April 2020.
Bottom line
This data is an indication 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, and payment of public service bills or salaries, among others.
By Masahudu Ankiilu Kunateh, African Eye Report
