MoMo overtakes all payment platforms in Ghana with Ghs 89 billion transactional value
The Mobile Money (MoMo) platform has overtaken all forms of payment platforms in the country.
Per data made available by the Bank of Ghana (BoG), the transactional value of Mobile Money is now bigger than the transactional value of the combined payment platforms in the country, indicating that the platform is now the most widely used and accepted form of payment.
The BoG’s Summary of Economic and Financial report for the month of July, revealed that the mobile money payment platform hit a transactional value of Ghs 89.1 billion at end-June 2021, representing a 96.6 percent jump from same period last year, thus, making it the fastest-growing payment system in the country.
Other payment platforms such as cheques, ACH direct debit and credit, ezwich, Gh-link, and Ghipss Instant Pay (GIP) – recorded transactional value of Ghs 26.3 billion – one third of the value of the mobile money platform.
Cheques recorded transactional value of Ghs 17.9 billion; ACH direct debit recorded Ghs105.4 million; ACH direct credit registered Ghs 5.1 billion; ezwich too recorded Ghs 710.7 million; Gh-link also hit Ghs 33.1 million; and GIP registered Ghs 2.5 billion in transactional value.
This essentially means that mobile money still remains the preferred and most convenient payment systems platform for users, as it can be easily accessed by all mobile phone users.
Its ease in use has been further tested and proven by the pandemic, as fears of transmitting the disease through the use of cash pushed some who were initially skeptical about the platform, due to reported cases of fraud, to register their numbers for the service.
The number of active subscribers, therefore, has also increased to 18.3 million from 15.5 million within the one-year period under discussion.
The high patronage has further created jobs for more than 140,000 people within the period, as the number of active agents has increased to 403,000 from 263,000.
