The Bank of Ghana has disclosed that MobileMoney transactions within the first half of 2019 increased by 34% as compared to the same period last year, ABC News can report.
According to the Payment Systems Statistics report released by the Central Bank, the total value of mobile money transactions in the first six months of 2019 (January to June) shot up to GHS 140.2 billion as compared to GHS 104.6 billion recorded in the same period in 2018.
The report further indicated that the use of cheques at the various financial institutions further decreased in the first half of 2019 relative to its usage within the same period in 2018. The volumes of cheques reduced to 3,354,751 from January to June 2019 from 3,638,930 within the same period in 2018. This represents a 7.8% reduction in the volumes of cheques cleared.
This reduction in the volumes of cheques cleared translated into a 14.96% reduction in cleared funds in depositor accounts. From the value of GHS 99.4 million between January to June 2018, the amount decreased to GHS 84.5 million within the same period in 2019.
Moreover, the mobile money interoperability, a platform that allows customers to transfer money from one network to another, recorded an increase in value from 212.9 last year to 217.6 million cedis as of June this year. This represents a 2.2% increase over the same period last year.
According to experts, these trends recorded point to the fact that financial transactions in Ghana are gradually shifting from traditional banks to more digital, user friendly ones.
Find the full report below: