Ghana Mobile Money Value Transaction Reached US$100 billion in 2020

The total value of mobile money transactions in 2020 was Ghc 569 billion (that’s about US$100 billion), according to Vice-President Bawumia disclosed. This new height has been touted to the timely policies to encourage Ghanaians to use this service, mainly due to the virus spread, prompting the authorities to announce a national lockdown and discourage the masses from using paper money to curb the virus.

At the same time, the Bank of Ghana has announced a reduction in the mobile money interoperability charge, which used to be 1.5 per cent and is currently to 1 per cent. The introduction of the service and its interoperability feature has rendered Ghana one of Africa’s fastest-growing mobile money markets. While speaking at the 5th Ghana CEO Summit held in May, the vice president touted the mobile money services assist many to own electronic accounts like that of a bank account. In essence, several Ghanaians citizens use this service as an alternative to a bank account used to complete different transactions online using their mobile device at the comfort of their time without needing internet or assistant.

“Since we have so much in the system, mobile money and its features have solved a major problem for people having access to mobile accounts which are essentially functioning like bank accounts. However, the recent data from the Bank of Ghana shows that Ghana is currently the fastest growing mobile money market in Africa and the total value of mobile money transactions even amid pandemic was GHc569 billion and that’s about US$ 100 billion. “The mobile money interoperability payment system has made it easy for the transfer of money across different telecos and between bank account and mobile wallets, and that is a unique feature of Ghana’s interoperability service,” – the vice president said.

Meanwhile, as mentioned previously, the Bank of Ghana reduction in mobile money interoperability charge to 1 per cent has helped the country’s ranked 4th in Africa for financial inclusion. According to the Governor of the Bank of Ghana, Dr Ernest Addison said he believes the move in reduction charge lessen the burden that the authorities have on users’ finances. In contrast, widespread mobile money in Ghana has aided different sectors of the economy and businesses, especially mobile online gambling.

Assisting the citizens in carrying out different transactions at the comfort of their homes, sectors such as e-commerce and the gaming industry have greatly benefited from the penetration of the service, helping bettors to deposit at their favourite bookmakers’ platform. Simultaneously, significantly taking these businesses to a whole new height, in terms of its seamless approach and convenience to complete transactions boycotting the stress of long queue at the traditional banking sector. The influx of mobile money in Ghana is a testament to the upsurge of the gambling industry.

Currently, they are about 31 million registered mobile money accounts in Ghana today. Mobile money is the necessary tool for the average Ghanaians to complete financial transactions because of the seamless technology that captures both the rural and remote areas through accessibility and convenience as made it the first choice tool for the country’s masses.

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