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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

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    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

    Gov’t likely to scrap E-Levy if its revenue stays low – Tax analyst

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Movement of funds from bank accounts to MoMo Wallets and vice versa on the rise

byNerteley Nettey
July 30, 2020
in Banking And Finance, Top Stories
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Many people are taking advantage of Mobile Money Interoperability (MMI), to move money from bank accounts to Mobile Money (MoMo) wallets and vice versa.

The overriding feature of the second phase of the MMI, is the financial inclusion triangle, that is the linking of bank accounts to MoMo wallets and e-zwich cards, which allowed funds to move across all the three platforms. As a result of these, many people now freely move their funds across the platforms.

The Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report shows that more people are moving funds from their bank account to MoMo wallets than previously.

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In the first half of 2019, the volume of funds moved from bank accounts to MoMo wallets stood at about 240,192, but it jumped to 2.1 million transactions in the first half of this year, representing an impressive growth of over 780 percent.

Although the volume of movement of funds from MoMo wallets to bank accounts is lower, it also recorded very high growth this year compared to the same period last year.  The volume moved from 66,475 in the first half of 2019 to about 380,000 within the same period this year, a growth of over 470 percent.

Chief Executive of GhIPSS Archie Hesse, in an interview projected further growth in the volume of transfers from bank account to MoMo wallet and vice versa.

He said the convenience of moving funds between bank accounts and MoMo wallets has made life a lot easier for many.

“Today, if you need to pay an artisan who has just done a job for you or any other person, and you don’t have enough funds in your wallet, you can immediately pull funds from your bank account to the MoMo wallet of the person and that makes things very efficient”, Mr. Hesse explained.

Electronic payment channels continue to record impressive growth in patronage, as more people become aware of the efficiency and convenience that they bring to business operations and individual lives.

The corona virus pandemic which has compelled a lot of people to cut back on their physical movements, appears to also contribute to the increase in electronic payment transactions.

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