MoMo transaction outstrips cheque transaction by GHS 770.4 billion in 2021
Mobile Money transaction for last year, striped cheque transactions by a massive GHS 770.4 billion according to data from the Bank of Ghana.
This is compared to the about GHS 522.9 billion recorded in the eight months of 2021.
Mobile money continues to remain the biggest payment solution in the country with an estimated GHS 905.1 billion transactions recorded in 2021.
Cheque transactions stood at GHS 134.7 billion during the period, indicating that many customers particularly retail consumers now prefer mobile money as the easiest form of payment transactions because of its accessibility and reliability.
Significantly, mobile money transactions in 2021 shot up compared to the previous year. The month with the biggest transaction was in July in which GHS 99 billion was recorded.
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According to the data from the Bank of Ghana, the value of mobile money transactions in January, February, March, April, May, June, July, August, September, October, November and December 2021 were estimated at GHS 67.1 billion, GHS 67.9 billion, GHS 82.3 billion, GHS 83.8 billion, GHS 86.5 billion, GHS 89.1 billion, GHS 99.1 billion GHS 81.8 billion, GHS 71 billion, GHS 80.0 billion, GHS 86.1 billion and GHS 82.9 billion respectively.
On the other hand, cheque transactions in January, February, March, April, May, June, July, August, September, October, November and December 2021 were estimated at GHS 17.0 billion, GHS 15.5 billion, GHS 18.3 billion, GHS 17.5 billion, GHS 15.7 billion, GHS 17.9 billion, GHS 16.4 billion, GHS 16.4 billion, GHS 15.6 billion, GHS 16.2 billion, GHS 18.5 billion and GHS 18.9 billion respectively.
Increasingly, mobile money transaction is relegating cheque transactions to the background.
Banks will therefore have to dig deep to innovate and come up with solutions similarly to that of mobile money to compete.
Alternatively, they could partner the telecommunication networks to take advantage of the fast growing market.
