Business

The volume of mobile money transactions in 2020 increased by 110% – Report

According to the Bank of Ghana, the volume of mobile money transfers in the last twelve months has more than doubled.

Compared to the same time last year, the overall valuation went up more than 110 percent eight months into 2020.

The value of mobile money transactions has typically improved from January to August 2020 as opposed to estimates for the same period in 2019.

The rise can be seen dramatically in May, when it jumped up from GHS32.8 billion in April to GHS41.5 billion in May, reflecting a whopping rise of 26.5 percent.

The fluctuating statistics were somewhat affected by the outbreak of the coronavirus pandemic in the first four months of the year.

This can be seen in a decline in the value of transactions in April by three percent, which can be attributed to the time when certain areas of the world were partly shut down, with most individuals not undertaking either cash or virtual transactions.

In comparison, the overall amount of mobile money transactions rose from 175 million last year in August to 267 million this year.

Around August 2019 and August 2020, the value of Mobile Money Interoperability (MMI) transactions has increased from GHS65.7 million to GHS685 million by almost 1,000 percent.

Increased knowledge that funds can now be transferred through accounts of various telecommunication networks can be attributed to the big leap in number.

Two electronic payment platforms that continue to record very high growth rates are Mobile Money Interoperability and GhIPSS Instant Pay (GIP).

Although MMI saw volume growth of over 480 percent, GIP saw volume growth of close to 256 percent between January and August.

Meanwhile, in the year under study, patronage of cheques witnessed an 11 percent decline relative to the same year last year.

Due to increasing inclination and adaptability to the virtual means of making purchases, it can be expected that in the remaining months to come, the use of cheques will also see a decline.

Source: citinewsroom

Timothy

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