Business News of Monday, 27 January 2020
Source: www.ghanaweb.com
2020-01-27
The value of transactions for MMI hit GH¢781.6 million for 2019
The value of transactions for custodians on the Mobile Money Interoperability (MMI) platform has hit GH¢781.6 million for 2019.
According to the 2019 summary report from the Ghana Interbank Payments Settlements System (GhIPPS), the rise in value was compared to GH¢212.8 million in 2018, and the volume of transactions rose up enormously from 2.2 million in 2018 to 9.4 million last year.
However, the total amount of transactions recorded on the e-zwich platform for 2019 rose to GH¢10.7 million as against GH¢7.7 million recorded in 2018.
Among these forms of transactions, the value of wallet-to-wallet topped with GH¢618 million cash float from an immensely huge 9.1 million wallet to wallet transactions.
Wallet-to-wallet transfers were followed by wallet-to-bank transactions, which recorded GH¢162.7million in value and 253,500 in volume; then for bank-to-wallet, as many as 1.5 million transactions were made but only gained GH¢552,500 in terms of value.
Transfers from e-zwich cards to mobile wallets also recorded a striking GH¢143.2 million in value, from some 326,000 transactions, while wallet to e-zwich saw GH¢687,700 cash float from some 5,500 transactions.
The totals for 2019 however comprised of wallet-to-wallet, wallet-to-bank, bank-to-wallet, wallet-to-e-zwich and e-zwich-to-wallet transactions.
Chief Executive of GhIPSS, Archie Hesse speaking at a media engagement in Accra attributed the growth to the Akufo-Addo-led administration’s adoptions of social intervention initiatives.
Recently, Minister of Communications, Ursula Owusu-Ekuful, said Ghana is the fastest growing mobile money market on the African continent owing to a number of initiatives being implemented by government.
“Our mobile money interoperability program has also deepened financial inclusion, provided seamless transfer of funds between several service providers, mobile money wallets and bank accounts made Ghana the fastest growing mobile money market on the continent. These initiatives form the foundation of our emerging digital economy.” Owusu-Ekuful told an audience at the Ghana Investment and Opportunities Summit (GHIOS) 2020 on Wednesday, 22 January 2020 at Mayfair, London.