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MoMo transactions for March 2020 far exceed cheque clearing by GH¢18.7bn

Fri, 22 May 2020 Source: Class FM

The total value of mobile money transactions at the end of March 2020 hit GH¢33.8 billion, according to figures from the Bank of Ghana.

This is against the GH¢15.1 billion total value of transactions of cheques cleared in the month of March 2020.

The deficit between mobile money transactions and cheque clearings was, however, GH¢18.7 billion.

Analysts believed the value of mobile money transactions will reach four-fold relative to that of cheque clearings in the next 10 years.

In January and February 2020, the total value of mobile money transactions hit GH¢30.2 billion and GH¢30.1 billion, respectively.

The total value of cheque transactions in January and February 2020 was, however, GH¢15.5 billion and GHS14.0 billion, respectively.

Meanwhile, the total transactional value of e-zwich was estimated at GH¢814 million in March 2020.

In January 2020 and February 2020, e-zwich transaction value was GH¢589.4 million and GH¢772.3 million, respectively.

With regard to Gh-link, total transaction value was GH¢28.3 million in March 2020.

For, GhIPPS Instant Pay (GIP), total transaction value was GH¢422.5 million in March 2020.

The total transaction value of Mobile Money Interoperability (that is money moved from an account of a mobile operator to another) was GH¢166.3 million.

In January and February 2020, the total transaction value was estimated at GH¢129.9 million and GH¢126.6 million.

Source: Class FM

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