The total value of Mobile Money transactions has increased from GH₵20.9 billion recorded in February 2019 to GH₵30.1 within the same period in 2020, indicating an increase of about GH₵9.2 million
Apparently, the balance on float for all mobile money transaction which stood at GH₵2.7 billion in February 2019 now stands at GH₵3.6 billion, representing an increase of almost GH₵1 billion.
This was contained in the Summary of the Economic and Financial Data for March, published by the Bank of Ghana.
The data further reveal that the total number of mobile money transactions also shot up from 138 million in 2019 to 193 million in February 2020.
Again, the data indicates that there are 32.7 million registered mobile money accounts in the system as at February this year against the 33.4 million recorded in the same period in 2019.
However, active mobile money accounts stood at 14.7 million in 2020, an increase of about 1.8 million compared to the 12.9 million recorded last year February.
Mobile money penetration
Mobile money penetration is growing rapidly in Ghana. It is recording signifacant growth in terms of number of agents and customers, since its introduction in the country in 2008 by telecom giant MTN.
Between January and June 2019, the total volume of mobile money transactions reached 915.8 million compared to 655 million recorded in the same period in 2018, an increase of 40%.
The latest summary of economic and financial data released by the central bank, again, indictates that total value of mobile money interoperability increased from GH₵29.2 million in February 2019 to GH₵126.6 million within the same period out of a total transaction of 1554, this year.
Mobile money interoperability is a system that allows customers to transfer money from one network to another seamlessly.
Other payment systems
For the other payment systems, the value of cheques cleared at various banks increased from GH₵13 billion in February last year to GH₵14 billion within the same period under review in 2020.
E-Zwich also saw increase in total value of GH₵772.3 in terms of transaction this year, compared to GH₵349.7 reported last year in February.
The Ghipss Instant Pay (GIP), on the other hand, had an increase in total transaction value from GH₵79.5 million in 2019 February to GH₵299.3 within the same period in 2020.’
Transactions on Gh-link however, declined in total value to GH₵23.6 million this period from GH₵26.4 million recorded in February, 2019.
This report therefore indicates that financial transactions in Ghana are gradually shifting from traditional banks to the platforms offered by telcos.
