MoMo transactions for March 2020 far exceed cheque clearing by GHS18.7bn

The total value of mobile money transactions at the end of March 2020 hit GHS33.8 billion, according to figures from the Bank of Ghana.

This is against the GHS15.1 billion total value of transactions of cheques cleared in the month of March 2020.

The deficit between mobile money transactions and cheque clearings was, however, GHS18.7 billion.

Analysts believed the value of mobile money transactions will reach four-fold relative to that of cheque clearings in the next 10 years.

In January and February 2020, the total value of mobile money transactions hit GHS30.2 billion and GHS30.1 billion, respectively.

The total value of cheque transactions in January and February 2020 was, however, GHS15.5 billion and GHS14.0 billion, respectively.

Meanwhile, the total transactional value of e-zwich was estimated at GHS814 million in March 2020.

In January 2020 and February 2020, e-zwich transaction value was GHS589.4 million and GHS772.3 million, respectively.

With regard to Gh-link, total transaction value was GHS28.3 million in March 2020.

For, Ghipss Instant Pay (GIP), total transaction value was GHS422.5 million in March 2020.

The total transaction value of Mobile Money Interoperability (that is money moved from an account of a mobile operator to another) was GHS166.3 million.

In January and February 2020, the total transaction value was estimated at GHS129.9 million and GHS126.6 million.

Source: Classfm