The total value of MoMo transactions in 2020 was GH¢569 billion – Dr. Bawumia Discloses

Vice President Dr. Mahamudu Bawumia has declared the total value of mobile money transactions for 2020 was GH¢569 billion.

According to him, the introduction of the service and its interoperability feature has rendered Ghana one of the fastest-growing mobile money markets in Africa.

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Speaking at the 5th Ghana CEO Summit organized on Monday, May 17, the vice president touted the mobile money service as one that has assisted many to own electronic accounts like that of a bank account.

“…Since we have so much in the system, mobile money and its features have solved a major problem of people having access to mobile accounts which are essentially functioning like bank accounts. Data currently shows that Ghana is currently the fastest growing mobile money market in Africa and the total value of mobile money transactions even in the midst of pandemic was GH¢569 billion and that’s about a US$100 billion.”

“The mobile money interoperability payment system has made it easy for the transfer of money across different telcos and between bank accounts and mobile wallets and that is a unique feature of Ghana’s interoperability service,” the vice president stressed.

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Meanwhile, the Bank of Ghana has disclosed a reduction in the mobile money interoperability charge which used to be 1.5% and is currently 1%.

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Governor of the Bank of Ghana, Dr. Ernest Addison said he hopes the move will minimize the burden that the charges have on users’ finances.

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