Mobile money revenue of MTN Ghana far exceeded that of the largest Nigerian banks in 2020, according to a report by telecom expert, Eric Osiakwan.
The Nigerian banks included FBN, Access Bank, UBA, and Zenith Bank. The leading mobile network in Ghana registered $216.4 million in revenue from MoMo transactions in 2020.
This is compared with digital transactions of FBN ($141.2m), Access Bank ($136.8m), UBA ($130.2m), and Zenith Bank ($116.1m). Importantly, MTN Ghana is making more money than MTN Nigeria ($112.7m).
In Ghana, MoMo transactions outstripped cheques by $40 billion in the first quarter of 2021. This sent shock waves to the Ghanaian banking industry such that the banks are now forging collaborations as they fear for their future, the report explained.
Meanwhile, the report said Ghana is edging towards a state-backed digital currency to mitigate against the volatility of unregulated digital currencies, such as bitcoin.
The value of M-Pesa transactions in Kenya grew by 32.9% year-on-year to $82 billion in 2020, whilst the volume of M-Pesa transactions grew by 14.9%, to 5.12 billion transactions.