Value of MoMo transactions increased from GH¢ 309bn to GH¢ 564bn in 2020 - Report

Mobile money transactions increased year-on-year by 42.27% in transactional volume from 2.00 billion transactions in 2019 to 2.86 billion in 2020.

Mobile money vendor

According to the Ghana News Agency (GNA), the total value of transactions also increased year-on-year by 82.37% from GH¢ 309.35 billion in 2019 to GH¢ 564.16 billion in 2020.

A Bank of Ghana Payment Systems Oversight Annual Report, 2020, indicated that strong quarterly growth was experienced throughout the year with the strongest growth achieved in the third quarter of 2020 across all the key mobile money indicators.

The report also said float account balances went up consistently on a monthly basis throughout the year with major growth of 23.8% and 25% achieved in the second quarter and the fourth quarter.

The average balance per account holder increased by 6% monthly from GH¢ 112 in January to GHC 179.45 to end 2020.

The growth in transactional and float activity was bolstered by an 18.56% year-on-year growth of active mobile money customers from 14.46 million active customers in 2019 to 17.14million in 2020.

In 2020, the account of active agents that provided electronic money agency services to customers also increased by 45.09% from 226,298 in 2019 to 328,329 in 2020.

In a related development, Minister of State at the Finance Ministry, Charles Adu Boahen, said the government is only asking for a small share of these MoMo transactions in the form of the e-levy.

“In fact, in 2020 the number was 99bn dollars. A thousand transactions per second. All government is asking for is a small share,” he said on the Good Evening Ghana show on Thursday January 20.

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