Ghana recorded GH¢571.8bn in all MoMo transactions in 2020 – BoG

“In Ghana, the digital financial services space has evolved from the early 2000s when banks began to roll out ATMs and a few web-based services”, she told a joint AFW2/MCM Virtual Regional Workshop on the theme: ‘Building Fintech Resilience and Supervisory Capacity in West Africa on Tuesday, April 6, 2021.

Over the years, Mrs Addo Awadzi noted, “electronic money (famously called mobile money) has emerged and grown exponentially not only in Ghana but in West Africa and across the entire region, paving the way for a wide variety of digital financial services including digital savings, credit, investment, microinsurance, informal sector pension products, and inward international remittance, bill payments, merchant payments, health care, and government social interventions including COVID-19 relief cash transfers”.

Today, she added, “there are some 17.5 million active mobile money accounts in Ghana with GH¢ 571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the value recorded in 2019, made possible with the help of some 344,000 active mobile money agents as of December 2020”.

She noted that Ghana’s regulatory framework for digital financial services has evolved over the last two decades and has supported the orderly development of the robust ecosystem we see today.