GH¢571.8bn MoMo transactions recorded in 2020

The Bank of Ghana (BoG) has disclosed that GH¢571.8bn (USD99.67bn) Mobile Money (MoMo) transactions were recorded in 2020.

In an era where the use of technology to minimize contact while surviving in the global covid-19 pandemic has become paramount, Ghanaians now more than ever embraced the use of mobile money for various transactions.

As the service continues to grow, BoG has confirmed that there are over 17 million active mobile money accounts in the country and still counting.

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Speaking during a joint AFW2/MCM virtual regional workshop programme on Tuesday, April 6, 2021, Mrs. Elsie Addo Awadzi who is Second Deputy Governor at the BoG has provided an update on transactions recorded in the past year.

Today, there are some 17.5 million active mobile money accounts in Ghana with GH¢ 571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the value recorded in 2019,” she said while speaking on the theme Building Fintech Resilience and Supervisory Capacity in West Africa.

According to BoG, the growth was made possible with the help of over 344,000 active mobile money agents as of December 2020 across the country.

While the fight against the pandemic is not over, more people are expected to embrace the use of Momo and other technology motivated services that reduce person to person contact.