Total value of Mobile money transactions in Ghana continues to rise. It increased from GH₵23.4 billion recorded in March 2019 to GH₵33.8 within the same period in 2020, indicating a percentage increase of more than 30 percent.
Additionally, the balance on float for all mobile money transactions, which stood at GH₵2.7 billion in March last year, now stands at GH₵3.9 billion, representing an increase of GH₵1.2 billion. The balance on float is the amount of mobile money cash that sits with the banks. The float boosts liquidity for banks.
This was contained in the Summary of the Economic and Financial Data for May, published by the Bank of Ghana.
The data further reveals that the total number of mobile money transactions also shot up from 156 million in March 2019 to 205 million in the same period this year.
This means that mobile money transactions grew by approximately 49 percent over the twelve month period from March 2019 to March 2020. In the wake of COVID-19 pandemic, higher growth is expected in the coming quarters. Telcos have reduced charges, with MTN charging no fees for transfers up to Gh100. Also there are calls for people to minimise the use of cash and resort to cashless transaction.
By: Anyema Collison