A Banking consultant, Nana Otuo Acheampong, says the significant surge in the volume and value of mobile money transactions in the first 8 months of the year, should continue unabated in the last quarter of 2020.
The volume and value of mobile money transactions from January to August of 2020, increased by 41 percent and 85 percent respectively, as against the 22 percent and 18 percent recorded over the same period in 2019.
The first significant surge this year was seen in May, as the total amount shot up from GHS32.8 billion in April to GHS41.5 billion in May, representing a whopping 26.5 percent increase.
The total number of mobile money transactions also confirms the growing acceptance of the platform as against other forms of payment.
Speaking to Citi Business News on the changing landscape for payments for consumers and businesses, Nana Otuo Acheampong said the mobile money platform will only grow from strength to strength.
“The picture we see in Ghana in terms of a shift from cash is the same worldwide. It’s not surprising that MoMo has moved along the trajectory it has in the past few years, and it’s going to be even more. As we go into the last quarter people’s payment means will shift towards more digital means, signifying a shift from notes and coins and even the cheque system.”
Value of Mobile Money transactions double in a year – BoG Report
The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana.
The total value shot up by over 110 percent from August 2019 to August 2020.
This is contained in the Central Bank’s Summary of Macroeconomic and Financial Data report.