Business News at SKB Journal: Mobile Money, known as MoMo has significantly enhanced financial inclusion in Ghana, pushing the percentage of financially included adults to about 95%.
The total value of Mobile Money (MoMo) transactions in Ghana between January and June 2024 reached approximately GH¢1.2 trillion Ghana cedis, according to the latest summary of economic and financial data from the Bank of Ghana.
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In June alone, the total value of transactions amounted to GH¢224.01 billion Ghana cedis, a slight decrease from the GH¢ 234.3 billion recorded in May. Total amount of money on all MoMo wallets at the end of June was however GH¢22.2 billion.
The data also reveals that by the end of June, there were 69 million registered mobile money accounts, with 24 million of them being active. Additionally, the number of registered agents reached 848,000, while active agents numbered 551,000. The total number of mobile money transactions in June 2024 was 644 million.
However, the total value of cross-network MoMo transactions (mobile money interoperability) from January to June 2024 stood at GH¢14.1 billion Ghana cedis, representing just 1.1% of the total MoMo transactions.
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MoMo has significantly enhanced financial inclusion in Ghana, pushing the percentage of financially included adults to about 95%. Many Ghanaians now have access to basic financial services such as transfers, receipt of funds, and microcredit.
Additionally, users can buy and pay for goods and services directly from their MoMo wallets. Customers of GhanaPay MoMo, in particular, enjoy a wider range of services akin to operating a traditional bank account.
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