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Mobile money transactions hit GH¢140 billion in the first 6 months

A report from the Bank of Ghana indicates that the total value of mobile money transactions in the first six months of 2019 went up to 140.2 billion cedis as compared to 104.6 billion cedis recorded in the same period in 2018. 

This represents a 34% rise in the value of transactions recorded for the period under review.

According to the report,  patronage of cheques for the first half of this year dropped as compared to the same period in 2018.  Cheques cleared at various banks dropped from GH¢ 99.3 billion to GH¢ 84.5 billion representing 15% reduction.

Also mobile money interoperability which allows customers to transfer money from one network to another recorded a value of 217.6 million cedis as of June this year as compared to 212.9 last year.

This report indicates that financial transactions in Ghana are gradually shifting from traditional banks to the platforms offered by telcos and as such becoming the main driver of financial inclusion in Ghana.

In a related evelopment, the Bank of Ghana (BoG) will soon announce a new capital requirement for all institutions engaged in mobile money operation.

ALSO READ: BoG to announce new minimum capital requirement for MOMO

BoG said existing firms that are already offering the service will be given some time to meet the new requirement while new entrance will be expected to meet the requirement before receiving their licence.

Meanwhile, a World Bank report released over the weekend has tipped Ghana to be the fastest growing mobile money market in Africa.

According to the report, the mobile phone penetration created opportunities for expansion of financial services and increased the role of non-financial institutions as much as e-money issuers, positioning Ghana as the fastest growing mobile money market in Africa.

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Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

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