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Value of MoMo transactions shoots up by almost 100% in June 2021 – Citi Business News

The value of mobile money transactions has increased by almost 100 percent in the last twelve months.

The total value shot up by 96.7 percent from June 2020 to June 2021.

On a monthly basis, the value of transactions from May to June saw a minimal increase of about 3 percent.

This is contained in the Bank of Ghana’s Summary of Macroeconomic and Financial Data report.

Although some months within the period of review saw a downward trend, over the past 12 months the value of mobile money transactions in Ghana has generally seen a consistent rise.

According to the Bank of Ghana, the value of mobile money transactions jumped from GHS45.3 billion in June last year to GHS89.1 billion in June this year.

The total number of transactions also shot up by about 50 percent, from 226 million in June last year to 338 million in the same month this year.

However, on a monthly basis, the total volume saw a 2 percent decrease from 346 million in May to 338 million in June this year.

Meanwhile, the value of Mobile Money Interoperability (MMI) transactions saw a whopping jump by over 400 percent from GHS321 million to GHS1,640 million between June 2020 and June 2021.

This can be attributed to increased awareness that funds can now be transferred across wallets of different telecommunication networks.

The Ghana Interbank Payment and Settlement Systems Limited, GhIPSS, which has constantly seen a rise in value over the past years, also grew by over 350 percent between the same period under review.

Although June 2021 recorded a year-on-year increase in the value of mobile money transactions, the percentage difference is significantly lower compared to figures recorded in prior months such as April 2021 where the percentage increase was 150 percent.

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