Mobile Money Archives - Wontumi Online

18 Jan

Fraudsters Undermining Public Trust In MoMo Payment Systems

CUD Wontumi0 CommentsBusinessFraud, Mobile Money

Mobile money has quickly become a powerful tool for financial inclusion in Ghana, promising convenience and improved financial services. But the explosive digital financial landscape is coming along with cybersecurity challenges, as mobile money users bear the greatest brunt. Mobile money fraudsters are advancing strategies that utilize the trust and reliance of patrons on mobile money agents. Ella Baby is an ardent mobile money user who received what she thought was a blow of luck. “I got a message that read that I had received GHS780. Within minutes, I received 3 calls from an unknown number. I wanted to confirm…

10 Dec

New Restriction On MoMo Transactions Could Derail Digitization Of MSMEs – ISSER

wontumionlineBusinessMobile Money

The Institute of Statistics, Social, and Economic Research has indicated that the new restriction on mobile money (MoMo) transactions could derail the digitization of micro, small, and medium-sized enterprises and progress in the cash-lite economy. In a press statement copied to the Ghana News Agency, the Institute acknowledged that the proposed rate would have a minimal impact on small-value transactions. However, ISSER noted that the move would adversely impact micro, small, and medium enterprises that rely on MoMo for their financial transactions. “Worthy of attention is the potential impact on micro and small enterprises, especially traders and farmers within the…

25 Sep

Total Mobile Money Transactions Hit ¢1.190Trn In Eight Months Of 2023 – BoG

wontumionlineBusinessBoG, Mobile Money, Mobile Money Interoperability

Total Mobile Money transactions in the first eight months hit a record ¢1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana. This is compared with ¢655.97 billion recorded during the same period in 2022. According to the figures from the Central Bank, the month of July 2023 recorded the biggest mobile money transaction of ¢169.6 billion. From the figures, month-on-month mobile money transactions have been exceeding ¢130 billion. This pre-supposes that the government should be able to meet the Electronic Transfer Levy (E-Levy) target for 2023. According to the September 2023…

26 Jun

MoMo Withdrawal Fees To Be Revised From July 1

wontumionlineBusinessMobile Money, MoMo withdrawal fees, MTN

In an effort to inform its customers, MTN, a prominent telecommunications company, has announced a forthcoming modification to its mobile money withdrawal transaction fees. Starting from July 1, 2023, customers can expect an adjustment in fees for cash-out transactions that exceed a specific threshold. MTN MobileMoney Limited recently dispatched an SMS circular to its customers, providing details about the fee changes. As per the circular, cash-out transactions below GH₵2,000 will now incur a fee equivalent to 1% of the transaction amount. On the other hand, for cash-out transactions totaling GH₵2,000 and above, a flat fee of GHS20 will be directly…

28 Apr

Mobile Money Transactions Uptick After E-Levy Revision

wontumionlineBusinessE-levy, Mobile Money

Mobile money transactions have signalled a recovery after having dipped following introduction of the Electronic Transaction Levy (E-levy), Head of Products and Innovations at Mobile Money Limited-MTN Ghana, Sylvia Otuo-Acheampong, has revealed. The levy’s introduction on electronic transactions impacted mobile money usage as it increased the cost of transactions for users. Consequently, some users became reluctant to use the service. The E-levy was introduced in 2022 and initially set at a rate of 1.75 percent on the value of transactions over GHȼ100. However, later in 2022 government announced a revision of the e-levy rate following public outcry, which reduced the…

19 Apr

Mobile Money Transactions Hits US$1.26 Trillion In Value For 2022

wontumionlineBusinessMobile Money

Mobile money services are growing faster than predicted around the globe, as digital services continue to rise in popularity, according to the GSMA’s annual ‘State of the Industry Report on Mobile Money 2023’ published yesterday. The report, published annually by the GSMA and funded by the Bill and Melinda Gates Foundation, demonstrates that rates of adoption are even quicker than expected; with the number of registered mobile money accounts growing by 13% year on year, from 1.4 billion in 2021 to 1.6 billion in 2022. While it took the industry 17 years to reach the first 800 million customers, this…

27 Mar

Momo Transactions Hit GH¢264.1billion – Report

wontumionlineBusinessMobile Money

There has been a 72.6% growth in the transaction of Mobile Money (MoMo) - year-on-year. According to the March 2022 Summary of Economic and Financial Data by the Bank of Ghana, the total value of mobile money transactions in the first two months of 2023 hit GH¢264.1 billion. It noted that despite the implementation of the Electronic Transaction Levy (E-Levy), the industry has witnessed an upsurge. Compared to MoMo transactions last year, [GH¢153 billion], there has been significant growth in the first two months of 2023. The Bank of Ghana said, "mobile money transaction in January 2023 was estimated at GH¢130.1 billion,…

06 Dec

GITFiC Outlines Challenges Of Mobile Money Penetration In Africa

wontumionlineBusinessMobile Money

Mobile Money penetration that has taken centre-stage in most African countries to facilitate trade and commerce, and creating more convenience is facing some challenges that need governmental intervention. “Although Ghana has made great strides in opening up access to financial services through its financial inclusion policy adaptation programme, a sizeable percentage of the population still lacks either access or the ability to take advantage of what is offered.” As a result, the Ghana International Trade and Finance Conference (GITFiC) has suggested to African governments, businesses, and individuals interested in adopting mobile payment systems, to find ways of encouraging consumers to accept mobile…

28 Nov

Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation

wontumionlineBusinessBoG, Mobile Money

Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the immense growth in mobile money transactions. In October 2021, total mobile money transactions were estimated at ¢737.6 billion. Comparing that figure to the same period in 2022, the transactions have shot up by an additional ¢95.7 billion. A recent survey…