Mobile Money Transactions Hit GHC 89 Billion; Bigger Than All Payment Platforms Combined

According to the Summary of Economic and Financial report (July 2021), the mobile money payment platform has hit a transactional value of GH¢89.1 billion as of June this year, representing 96.6 percent jump from the same period last year, making it the fastest-growing payment system in the country.

On the other hand, all other payment systems combined – cheques, ACH direct debit and credit, ezwich, Gh-link, and Ghipss Instant Pay (GIP) – recorded transactional value of GH¢26.3 billion, just about a third of the value of the mobile money platform.

Cheques recorded transactional value of GH¢17.9 billion; ACH direct debit recorded GH¢105.4 million; ACH direct credit registered GH¢5.1 billion; ezwich too recorded GH¢710.7 million; Gh-link also hit GH¢33.1 million, and GIP registered GH¢2.5 billion in transactional value.

This essentially means that mobile money still remains the preferred and most convenient payment systems platform for users, as it can be easily accessed by all mobile phone users. Its ease in use has been further tested and proven by the pandemic, as fears of transmitting the disease through the use of cash pushed some who were initially skeptical about the platform, due to reported cases of fraud, to register their numbers for the service.

The number of active subscribers, therefore, has also increased to 18.3 million from 15.5 million within the one-year period under discussion. The high patronage has further created jobs for more than 140,000 people within the period, as the number of active agents has increased to 403,000 from 263,000.

Source: Business and Financial Times

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