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Ghana mobile money transactions hit GH₵52.35 billion

Ghana mobile money transactions hit GH₵52.35 billion

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The Governor of the Bank of Ghana (BoG) has announced that mobile money transactions have increased by about 177 percent between 2013 and March 2018, reaching GH₵312.93 million and valued at GH₵52.35 billion transactions in March this year.

He said companies with GH₵48.24 million transactions were valued at GH₵5.91 billion in March 2015, whilst mobile money accounts had increased from 8.20 to 25.3 million.

He said the increase in mobile money transactions present a huge opportunity to mobile money operators to bring on-board all economically-active people into the formal economy and good prospect for domestic revenue mobilisation drive in achieving the "Ghana beyond aid" agenda, and that of Africa’s economic emancipation.

Dr Addison, speaking at the launch of the Mobile Money Interoperability Project, in Accra on Thursday, urged banks and mobile money operators to continue working together to develop new, innovative and efficient mobile-based products and services at reasonable costs to meet the demands of consumers.

The Mobile Money Payment Interoperability is the service which allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks, which was developed by the Ghana Interbank Payment and Settlement Systems (GhIPSS).

It creates convenience for mobile money users to transact business and drives financial inclusion, lowers cost of transaction, increase service reach and reduces reliance on cash for payments.

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