Report show increased use of MoMo transactions in 2020; 780% rise since January

- The CEO of GhIPSS, Archie Hesse, has revealed that there is a possibility of an increase in the transfer of funds from bank accounts to MoMo wallets

- The reasons for the increase, he noted, was because the method made life easier for people

- The link of bank accounts to MoMo wallets and e-zwich cards allows for the movement of funds across all three platforms

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There has been an increase in use of Mobile Money (MoMo) transactions since January 2020,YEN.com.gh has learned.

Information available shows that the link of bank accounts to MoMo wallets and e-zwich cards allows for the movement of funds across all three platforms.

According to the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report, the first half of the year 2020 recorded 240,192 transactions, with respect to the movement of funds from bank accounts to MoMo wallets.

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Per a citibusinessnews.com report, this increased to 2.1 million in the first half of 2020, which was a 780% growth.

The volume of movement of funds from MoMo wallets to banks was considerably lower but there was a record of high growth in 2020, compared to the same period in 2019.

YEN.com.gh understands that 66,475 transactions were recorded in the first half of 2019, compared to about 380,000 transactions within the same period in 2020, a growth of over 470%.

Archie Hesse, the Chief Executive Officer (CEO) of the Ghana Interbank Payment and Settlement System (GhIPPS), noted that there is a likelihood of an increase in the transfer of funds from bank accounts to MoMo wallets and vice versa.

The reason for the growth, he noted, was that the system made life easier for several people.

Per an earlier report by YEN.com.gh, Ghana Interbank Payment and Settlement System (GhIPSS) recorded a 600% increase in the use of its GhIPSS Instant Pay (GIP) system.

The increase was recorded in the first half of the year 2020 and compared to the same period in the preceding year.

Information available shows that GIP transactions were 2.45 million in 2020 compared to 350,666 for the same period in 2019.

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Source: YEN.com.gh