READ - Value of mobile money transactions doubles in last twelve months – BoG data

Data from the Bank of Ghana has revealed that the value of mobile money transactions in the country has significantly doubled in the last twelve months.

According to the latest Summary of Macroeconomic and Financial Data report by the central bank, the total value of transactions increased by 110 percent eight months into 2020 as compared to the same period in 2019.

The Central Bank however indicated that from January to August 2020, the value of mobile money transactions increased as likened to figures within the same period in 2019.

Per the figures, the increase can also be witnessed in May 2020, as it rose up from GH¢32.8 billion in April to GH¢41.5 billion in May, representing a staggering 26.5 percent increased.

The central bank explained that the changeable figures in the first four months of 2020 was fairly influenced by the emergence of the coronavirus pandemic and its associated impact.

This however can be witnessed in a three percent drop in the value of transactions in April 2020 following the coronavirus induced restrictions and three-week partial lockdown of Accra and Kumasi with many unable to perform cash or electronic transactions.