Mobile money transactions see substantial gains

Mobile money transactions see substantial gains

- Bank of Ghana reports indicate this is the biggest quarter on record

- More and more people are using mobile money now more than

According to the Bank of Ghana, mobile money transactions for the first quarter (January-March) of 2018 reached GHc52 billion. This represents more than 68% increment over the same period from 2017, which was GHc31 billion.

A report released by the central bank on Friday May 4, presented a detailed account of statistics of payment systems recognised by the Bank of Ghana. This includes Gh-Link, E-Zwich, Ghana Interbank Settlement and the GhIPSS.

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Mobile money transfer system began in 2012 in Ghana, first inititated by the country’s leading telecommunications company, MTN. Since then, Airtel-Tigo as well as Vodafone have joined in. In 2016, the companies started paying interest on savings on a 3-month basis.

Mobile money transactions see substantial gains according to Bank of Ghana

Bank of Ghana

The transfer system is designed to afford mobile phone users the avenue to transact monetary business over their mobile phones. The system gained support from members of the public because of the growing appeal of cashless transactions.

The value of business done in the first quarter of 2018 is massive, especially considering that it is more than 66% of the total amount of business done in the whole of 2016. When compared to the amount of business done in the whole of 2017, it more than 33%.

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It is therefore no surprise that MTN is responding to boom in business by taking charge of its own mobile money ATM devices. These devices are supposed to quicken transactions while strengthening security.

There are no official numbers on how many Ghanaians patronise the mobile money system but almost every single person this YEN.com reporter spoke to admitted to being a patron.

Judging by the numbers from the Bank of Ghana, it is safe to assume that 2018 is on course to see the biggest performance of mobile money transactions beating last year’s GHc155, 844.84.

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Source: Yen.com.gh

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