Ghanaians use MoMo for transactions than cheque - BoG report

Ghana’s economy seems to be going lite on cash in the last couple of years due to the massive patronage of mobile money for transaction by many Ghanaians.

Mobile money far surpassed cheque transactions by massive ¢522.9 billion

It is on the basis of this that the central bank says mobile money transactions in the first eight months 2021 has exceeded cheque transactions by a whooping GH¢522.9 billion

This is compared to a little about ¢374 billion recorded in the first half of this year.

The report further stated that most retail consumers now prefer and have accepted mobile money as their mode of payments rather than cheque.

For the first eight months of this year, total mobile money transactions was estimated at ¢657.6 billion. This is against cheque transactions of ¢134.7billion.

It is instructive to note that MoMo transactions have gone up significantly this year,compared to that of last year (2020).

According to the report, the month with the biggest transaction was July 2021 - GH¢99 billion was recorded.

According to the data from the Bank of Ghana, the value of mobile money transactions in January, February, March, April, May, June, July and August 2021 were estimated at¢67.1 billion, ¢67.9 billion, ¢82.3 billion, ¢83.8 billion, ¢86.5 billion, ¢89.1 billion, ¢99.1 billion and ¢81.8 billion respectively.

Meanwhile, growth of cheque transactions have however remained flat, compared to that of last year.

Cheque transactions in January, February, March, April, May, June, July and August 2021 were estimated at ¢17.0 billion, ¢15.5 billion, ¢18.3 billion, ¢17.5 billion, ¢15.7 billion, ¢17.9 billion, ¢16.4 billion and ¢16.4 billion in January, February, March, April, May, June, July and August 2021 respectively.

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