BoG data: Ghana's Mobile Money transactions up by 110 percent

According to the data, the total value of Ghana's Mobile Money transactions increased from GH¢32.8 billion in April to GH¢41.5 billion in May 2020.

The data also revealed that the total number of mobile money transactions grew and the total value shot up by over 110 percent eight months into the year 2020 compared to the same period last year.

According to the Macroeconomic and Financial Data report issued by the Central Bank, it stated that from January to August 2020, the value of mobile money transactions has generally risen as compared to figures within the same period in 2019.

The value of Mobile Money Interoperability (MMI) transactions also shot up by almost 1,000 percent from GH¢65.7 million to GH¢685 million between August 2019 and August 2020.

With the Mobile Money Payment Interoperability, it is a service, which allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks, which was developed by Ghana Interbank Payment and Settlement Systems (GhIPSS) with the active collaboration of the mobile industry.

It creates convenience for mobile money users to transact business and drives financial inclusion, lowers the cost of the transaction, increases service reach, and reduces reliance on cash for payments. It also provides a financial transaction engine that is versatile, efficient, and robust and enhances patronage by both banked and unbanked segments of the population.