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Source: classfmonline.com

MoMo transactions for March 2020 far exceed cheque clearing by GH¢18.7bn

The total value of mobile money transactions at the end of March 2020 hit GH The total value of mobile money transactions at the end of March 2020 hit GH

The total value of mobile money transactions at the end of March 2020 hit GH¢33.8 billion, according to figures from the Bank of Ghana.

This is against the GH¢15.1 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, GH¢18.7 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 GH¢30.2 billion and GH¢30.1 billion, respectively.

The total value of cheque transactions in January and February 2020 was, however, GH¢15.5 billion and GHS14.0 billion, respectively.

Meanwhile, the total transactional value of e-zwich was estimated at GH¢814 million in March 2020.

In January 2020 and February 2020, e-zwich transaction value was GH¢589.4 million and GH¢772.3 million, respectively.

With regard to Gh-link, total transaction value was GH¢28.3 million in March 2020.

For, GhIPPS Instant Pay (GIP), total transaction value was GH¢422.5 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 GH¢166.3 million.

In January and February 2020, the total transaction value was estimated at GH¢129.9 million and GH¢126.6 million.

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