Banking and Finance
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.
Read also: BoG makes move on MoMo fraudsters targeting banks
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.
-
Company/Corporate News2 weeks agoYou Are The Foundation Of This Company, Dr. Agyepong Tells Jospong Employees At A Durbar
-
Business4 weeks agoQNET Triumphs at PR Awards 2024 with Three Prestigious Wins
-
Business3 weeks agoLagos State Officials Praise Jospong Group’s Eco-friendly Waste Management Module, Eyes Similar Module
-
General News3 weeks agoZoomlion Takes Lead on Climate Change & Worker Safety for World Safety Day
-
General News2 weeks agoWorker’s Day: My 24-hour Economic Policy will empower the Ghanaian Workforce – Mahama
-
Education3 weeks agoJospong Group Partners Komptech To Train Over 600 Stakeholders On Integrated Solid Waste Management
-
General News3 weeks agoAustria To Establish Embassy In Accra This Year
-
Company/Corporate News4 weeks agoNestlé Denies Adding Sugars in Milks And Cereals For Infants And Young Children
Pingback: COVID-19: Continue adhering to social protocols - KNUST Students told - Business Week Ghana
Pingback: Police arrest robbers captured on CCTV robbing MoMo vendor - Business Week Ghana