Mobile money transactions in Ghana records growth as cheques witness drop in patronage

A report by the Bank of Ghana has indicated that the total value of mobile money transactions for the first six months of 2019 reached GHC140.2 billion.

Mobile money takes over from banks as the main driver of financial inclusion in Ghana

This is an increase from the GHC104.6 billion recorded in the same period in 2018. This represents a 34% rise in the value of transactions recorded for the period under review.

In a related development, the patronage of cheques for the first half of this year saw a drop as compared to the same period in 2018.

Mobile Money transactions: 2019 vs 2018

Between January and June 2019, the total volume of mobile money transactions reached 915.8 million compared to 655 million recorded in the same period a year ago, an increase of 40%.

Again, mobile money interoperability which allows customers to transfer money from one network to another seamlessly recorded a value of 217.6 million cedis as of June this year.

This is higher compared to the GHC213 million recorded for the same transactions between May and December last year.

Patronage of cheques reduced

The value of cheques cleared at various banks dropped from the GHC99.3 billion to GCH84.5 billion recorded the same period last year. This means cheques cleared reduced by about 15%.

This research, therefore, shows that financial transactions in Ghana are gradually shifting from traditional banks to the platforms offered by telcos.

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