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MoMo outstrips cheques transactions by ¢374.8bn

The Bank of Ghana has revealed the mobile money transactions have become the most preferred transaction for Ghanaians as it has out thrown cheques in the month of June.

According to the latest statics by the BOG, the value of mobile money transactions in January 2021, February 2021, March 2021, April 2021, May 2021 and June 2021 were estimated at ¢67.1 billion, ¢67.9 billion, ¢82.3 billion, ¢83.8 billion, ¢86.5 and ¢89.1 billion. With the above statistics it’s clearly shown the month of June 2021 recorded the highest value of mobile money transactions.

Momo

That of the cheques transactions were ¢17.0 billion, ¢15.5 billion, ¢18.3 billion, ¢17.5 billion, ¢15.7 billion and ¢17.9 billion in January 2021, February 2021, March 2021, April 2021, May 2021 and June 2021 respectively. This indicates the decreasing rate of the cheque transaction by businesses and Ghanaian.

The BOG revealed that gradually the trends of the Momo transactions useage will be more preferable by many Ghanaians or businesses for deposits or funds transfer than going through the banking system.

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