MOMO transaction

Data from the Bank of Ghana (BoG), shows a significant rise in mobile money transactions, highlighting the growing acceptance of digital financial services across the nation. Between September and October 2024, the total number of mobile money transactions surged from 705 million to 728 million. This increase corresponded to a rise in transaction value, which climbed from GH¢284.9 billion to GH¢298.6 billion. However, the mobile money float balance—funds held in accounts—fell slightly, from GH¢25.1 billion to GH¢24.2 billion over the same period. The growth in mobile money usage reflects shifts in market conditions, despite persistent economic and regulatory challenges, such…

The Bank of Ghana (BoG) has reported a notable decline in mobile money (MoMo) indicators for June 2024. According to data from the central bank, the total number of MoMo transactions decreased to 644 million, down from 668 million in May 2024. This drop resulted in a reduction in the total value of MoMo transactions, which fell from GH¢234.3 billion to GH¢224 billion. Despite the overall decline, the balance of float which represnets the amount of money held in mobile money accounts, experienced a slight increase, rising from GH¢21.1 billion to GH¢22.2 billion during the same period. This contraction in…