A Banking consultant, Nana Otuo Acheampong, says the momentous surge in the volume and value of mobile money transactions in the first 8 months of the year, should see some relentless continuation in the last quarter of 2020.

The volume and value of mobile money transactions from January to August of 2020, increased by 41 per cent and 85 per cent respectively, as against the 22 per cent and 18 per cent recorded over the same period in 2019.

The first significant surge this year was seen in May, as the total amount, GHS32.8 billion in April shot up to GHS41.5 billion in May, representing an enormous 26.5 per cent increase.

The total number of mobile money transactions also confirms the growing acceptance of the platform as against other forms of payment.

In an interview session to elaborate on the changing landscape for payments for consumers and businesses, Nana Otuo Acheampong said the mobile money platform will only grow from strength to strength.

“The picture we see in Ghana in terms of a shift from cash is the same worldwide. It’s not surprising that MoMo has moved along the trajectory it has in the past few years, and it’s going to be even more. As we go into the last quarter people’s payment means will shift towards more digital means, signifying a shift from notes and coins and even the cheque system.”

MoMo transactions value double in a year – BoG Report

According to the Bank of Ghana’s (BoG) Summary of Macroeconomic and Financial Data report indicated that mobile money transactions value doubled in the last twelve months.

As of August 2020, mobile money value shot up by over 110 per cent within the same period August 2019.