Mobile money transactions hit ¢140b in first 6 months

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A report from the Bank of Ghana indicates that the total value of mobile money transactions in the first six months of 2019 went up to ¢140.2 billion as compared to ¢104.6 billion recorded in the same period in 2018.

This represents a 34% rise in the value of transactions recorded for the period under review.

According to the report, patronage of cheques for the first half of this year dropped as compared to the same period in 2018. Cheques cleared at various banks dropped from ¢ 99.3 billion to ¢84.5 billion representing 15% reduction.

Also, mobile money interoperability which allows customers to transfer money from one network to another recorded a value of ¢217.6 million as of June this year as compared to 212.9 last year.

This report indicates that financial transactions in Ghana are gradually shifting from traditional banks to the platforms offered by telcos and as such becoming the main driver of financial inclusion in Ghana.

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