The total value of mobile money transactions for last year hit a remarkable GH ¢569 billion, data from the Bank of Ghana has revealed.
This outstanding performance was largely due to the covid-19 pandemic which triggered upward transactions of mobile mobile in 2020.
December 2020 which was the Christmas period registered the biggest transaction of GH¢67 billion.
This was followed by the month of September 2020 that recorded a total value transaction of GH¢58.8 billion.
In terms of mobile money interoperability, that is, the movement of cash from an account of one mobile service provider to another, total value of transactions was GH¢5.6 billion.
Whilst registered mobile money accounts stood at 38.5 million people, active mobile money accounts hit 17.1 million at the end of December 2020.
The business of mobile money has today become an important mode of financial transaction.
It reduces risks of loss in carrying cash and has proven to increase savings opportunities. Consumers can also use MoMo to pay bills such as electricity.
On the other hand, it comes with security threats, which call for adequate security to protect consumers.
Overall, mobile money transactions has become a cornerstone of the economy and therefore requires enhanced customer centric services to keep consumers happy.
Latest Stories
-
Town council in Canada at standstill over refusal to take King’s oath
23 mins -
Trump picks Pam Bondi as attorney general after Matt Gaetz withdraws
35 mins -
Providing quality seeds to farmers is first step towards achieving food security in Ghana
45 mins -
Kenya’s president cancels major deals with Adani Group
2 hours -
COP29: Africa urged to invest in youth to lead fight against climate change
2 hours -
How Kenya’s evangelical president has fallen out with churches
2 hours -
‘Restoring forests or ravaging Ghana’s green heritage?’ – Coalition questions Akufo-Addo’s COP 29 claims
2 hours -
Ensuring peaceful elections: A call for justice and fairness in Ghana
3 hours -
Give direct access to Global Health Fund – Civil Society calls allocations
4 hours -
Trudeau plays Santa with seasonal tax break
4 hours -
Prince Harry jokes in tattoo sketch for Invictus
4 hours -
Akufo-Addo commissions 200MW plant to boost economic growth
4 hours -
Smallholder farmers to make use of Ghana Commodity Exchange
5 hours -
I want to focus more on my education – Chidimma Adetshina quits pageantry
5 hours -
Priest replaced after Sabrina Carpenter shoots music video in his church
5 hours