Mobile money transactions hit over GH ¢569bn in 2020,says BOG

The total value of mobile money transactions for last year hit a remarkable GH ¢569 billion, data from the Bank of Ghana has revealed.

This outstanding performance was largely due to the covid-19 pandemic which triggered upward transactions of mobile mobile in 2020.

December 2020 which was the Christmas period registered the biggest transaction of GH¢67 billion.

This was followed by the month of September 2020 that recorded a total value transaction of GH¢58.8 billion.

In terms of mobile money interoperability, that is, the movement of cash from an account of one mobile service provider to another, total value of transactions was GH¢5.6 billion.

Whilst registered mobile money accounts stood at 38.5 million people, active mobile money accounts hit 17.1 million at the end of December 2020.

The business of mobile money has today become an important mode of financial transaction.
It reduces risks of loss in carrying cash and has proven to increase savings opportunities. Consumers can also use MoMo to pay bills such as electricity.

On the other hand, it comes with security threats, which call for adequate security to protect consumers.

Overall, mobile money transactions has become a cornerstone of the economy and therefore requires enhanced customer centric services to keep consumers happy.