Bank of Ghana reports says the value of mobile money transactions soar in the first half of 2019

Bank of Ghana data has shown that the total value of mobile money transactions within the half-year of 2019 hit GH¢140 billion.

Bank of Ghana reports says the value of mobile money transactions soar in the first half of 2019

The figure represents a 34% increase from the GH¢104 billion recorded in the half-year of 2018.

The central bank captured this in its Payment Statistics Report.

The report chronicles the major payment systems being run in the country from, Cheque payments, Direct Debit and Direct Credit.

As mobile money surges, the BoG noted that other payment systems are experiencing a decline. Cheques experienced a decline in both volume and value.

The volume of cheques declined from 3,638,930 in half-year of 2018 to 3,354,751 for the same period in 2019.

This represents a 7.81% contraction. On the value of transactions, there was a decline from GH¢99.3 billion to GH¢84.5 billion for half-year 2018 and half-year 2019 respectively. This represents a contraction of 14.96%.

The data mobile money interoperability also showed an increase in value from GH¢212 million between May to Dec 2018 to GH¢217 million from January to June 2019.

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