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According to the latest figures by the BOG, the value of mobile money transactions in January 2021, February 2021, March 2021, April 2021, May 2021 and June 2021 were estimated at ¢67.1 billion, ¢67.9 billion, ¢82.3 billion, ¢83.8 billion, ¢86.5 and ¢89.1 billion respectively. Indeed, the month of June 2021 registered the highest value of mobile money transactions.
That of cheque transactions were ¢17.0 billion, ¢15.5 billion, ¢18.3 billion, ¢17.5 billion, ¢15.7 billion and ¢17.9 billion in January 2021, February 2021, March 2021, April 2021, May 2021 and June 2021 respectively. The month of March 2021 also recorded the highest value of cheque transaction of ¢18.3 billion.
The MoMo transaction was ¢232 billion in the first four months of this year and ¢389bn in the full year 2020.
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BoG governor, Dr. Ernest Addison
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The BOG also posits that the significant use of mobile money for financial transactions indicates that gradually a time will come – whether sooner or later – that many Ghanaians or retail consumers will largely prefer using their mobile money accounts for deposits or funds transfer than resorting to the banking system.