Ghana: Mobile money transactions peak at $45.6bn in 2018

The information released by the Bank of Ghana has revealed that mobile money transactions in the country peaked at GH¢ 223.4 billion ($45.6 billion) as of the end of December 2018.The figure is slightly higher than the total figure that total bank cheque transactions for the same period, which stood at GH¢203.5 million ($41.53 billion) as of the end of December 2018.

Data from the Payment Systems Department of the central bank, published by the Business and Financial Times on Wednesday, said mobile money’s popularity has continued to soar as it was easy to operate compared with owning bank accounts.

Mobile money was introduced seven years ago, ostensibly to help market traders engage in swift transactions, but it has become very vibrant and may soon take over major financial transactions in the country.