• Vice President Bawumia said the total value of MoMo transactions was GH¢569 billion in 2020
• He also touted the service as one that has assisted many to own electronic accounts like that of a bank account
• Ghana is now one of the fastest growing mobile money markets in Africa
Vice President Dr Mahamudu Bawumia has disclosed the total value of mobile money transactions for 2020 was GH¢569 billion.
According to him, the introduction of the service and its interoperability feature has rendered Ghana one of the fastest growing mobile money markets in Africa.
Speaking at the 5th Ghana CEO Summit held on Monday, May 17, the vice president touted the mobile money service as one that has assisted many to own electronic accounts like that of a bank account.
“…Since we have so much in the system, mobile money and its features has solved a major problem of people having access to mobile accounts which are essentially functioning like bank accounts. Data currently shows that Ghana is currently the fastest growing mobile money market in Africa and the total value of mobile money transactions even in the midst of pandemic was GH¢569 billion and that’s about a US$100 billion.”
“The mobile money interoperability payment system has made it easy for the transfer of money across different telcos and between bank accounts and mobile wallets and that is a unique feature of Ghana’s interoperability service,” the vice president said.
Meanwhile, the Bank of Ghana has announced a reduction in the mobile money interoperability charge which used to be 1.5% and is currently to 1%.
Governor of the Bank of Ghana, Dr Ernest Addison said he believes the move will lessen the burden that the charges have on users’ finances.