The total value of Mobile Money (MoMo) transactions has picked up strongly in the fourth and final quarter of the year after suffering a significant decline in the last month of the third quarter of 2021.

Data from the Bank of Ghana show that the value of MoMo transaction rose to GH¢80.0 billion in October this year from GH¢71.7 billion recorded at the end of September, the last month in Q3 2021. This signals a strong growth of 11.6 percent at the beginning of the last quarter of the year.

So far this year, the value of MoMo transactions hit its highest levels of GH¢99.1 billion in July but declined to GH¢81.8 billion in August. It suffered a decline for the second consecutive month in September, when its value dropped by GH¢10.1 billion to hit GH¢71.7 billion in September this year. Compared to GH¢67.1 billion at the beginning of 2021, total value of MoMo transactions have grown by GH¢ 12.9 billion, a year-to-date growth rate of 19.2 percent.

Compared to the same month last year, mobile money transactions have grown by 37.9 percent, from GH¢58.0 billion in October 2020. Likewise, the number of registered accounts also experienced a gargantuan improvement as its rose from 36.9 million in October 2020 to 47.3 million in October 2021. Between September and October this year, 0.4 million new mobile money users have been added to the payment system.

Active users decline

Active mobile money users, however, saw a nosedive in October after reaching a year-high of 19.4 million in September 2021. The first month in Q4 2021 experienced a decline in the number of active mobile money users by 10 million, tumbling to 18.4 million users in October 2021. Per the current available data, it means 39.3 percent of MoMo accounts were active as of the end of October 2021.

There was more activity among the mobile money agents in October as the number of agents deemed to be actively involved in transacting rose to 441 thousand in October from 427 thousand in September 2021. The implication is that, mobile money provided employment for 441, 000 Ghanaians as of October 2021. Employment provided by MoMo, when compared to last year October, has increased by 39.6 Percent, up from 316,000 in October 2020.

The payment system has made significant strides this year as the patronage of all the platforms continue to rise, further cushioning the government’s financial inclusion agenda.

Mobile Money Interoperability

Mobile Money Interoperability continues its impressive run since its introduction with the total value of transactions currently standing at GH¢2239.3 million as at End-October 2021, an improvement from the GH¢2176.1 million recorded in September 2021. Transactions under the Interoperability has increased tremendously this year compared to the values of GH¢785.7 million in the corresponding month last year.

Total value of cheques cleared also increased to GH¢16.6 million in October from GH¢15.6 million in September 2021. E-zwich transactions, however, declined to GH¢508.2 million from GH¢695.6 million in September 2021. Internet banking also saw a rise in its usage as the total volume of transactions rose to 820,000 in October from 773,000 in September 2021.

It is important to note that the recent rise in the patronage of mobile money in the country will further consolidate the government’s digitization agenda. It raises hopes of the government meeting its goal of attaining 85% financial inclusion by 2023, amid concerns over the impacts of the introduction of a new e-levy on the usage of digital payment systems in the country.