Value of MoMo transactions rise by over 150%

The value of mobile money transactions has more than doubled in the last twelve months, according to the Bank of Ghana.

The total amount increased by over 150 percent from April 2020 to April 2021.

On a monthly basis, the value of transactions from March to April this year, saw a minimal increase of about two percent.

Apart from a few periods of reduction over the past 12 months, the value of mobile money transactions in Ghana has generally seen a consistent rise.

According to the Central Bank’s Summary of Macroeconomic and Financial Data report, the value of mobile money transactions jumped from GHS32.8 billion in April last year to GHS83.8 billion in April this year.

The total number of transactions also shot up by 77 percent, from 182 million in April last year to 323 million in the same month this year.

However, on a monthly basis, the total volume saw a three percent decrease from 336 million in March to 323 million in April this year.

The value of mobile money transactions recorded this year only began to see a surge in the month of March after staying stable for three months following a spike in December 2020.

This surge in March can be attributed to economic activities picking up following a drop in January and February, after the Christmas festivities.

This can be seen in the general improvement in the Composite Index of Economic Activity per data from the Central bank and specifically in a boost in activities such as the sale of cement, port activity, and even passenger arrival at the airports.

Meanwhile, the value of Mobile Money Interoperability (MMI) transactions saw a whooping jump of over 600 percent from GHS186 million to GHS1367.7 million between April 2020 and April 2021.

This can be attributed to increased awareness that funds can now be transferred across wallets of different telecommunication networks.

The Ghana Interbank Payment and Settlement Systems Limited, GHIPPS, which has constantly seen a rise in value over the past years, also grew by over 400 percent between the same period under review.

Source: Citi Business News