BoG values MoMo transactions at $40 billion in first quarter of 2024
Mobile money transactions within the first quarter of 2024 have been valued at GHS 576bn ($40.4bn) by the Bank of Ghana (BoG).
This is some 33.4 percentage points higher than the GHS 374.8bn ($26.2bn) mobile money transactions value recorded same period last year.
Per the BoG’s FinTech Report for Q1 2024, the volume of mobile money transactions within the first three months of the year was 1.86 billion, a 21.6 percentage points higher than the 1.53bn volume of transactions recorded at end-Q1 2023.
A breakdown of the transactions by the report indicates that mobile money transactions between agents increased to GHS 163bn; between third parties, it grew to GHS 99bn but declined to GHS 31bn between B2Bs.
B2Bs refer to domestic business-to-business transfers that were made between a business and/or corporate registered wallet and another business and/or corporate registered wallet.
Per the report, some GHS 18.7bn were held up as cash balances in mobile money accounts at the close of the first quarter of 2024.
This commentary is incomplete and incomprehensible. It should be more thorough and explanatory! Doesn’t say anything 🤔🙄
The average value of transaction grew 9.57% from GHS282 to GHS309. That in an economy with inflation above 20% is not a good story.
Mobile money market growth is not keeping pace with inflation. If the trend continues this will become real terms, a declining market.