Ghana tops MoMo usage in West Africa Sub Region

By Nana Appiah Acquaye, Accra, Ghana

Mobile Money usage in Ghana is the highest within the West African Sub Region, according to a latest GSMA Report on Mobile Economy West Africa 2019.

Amongst the eleven countries noted for their mobile money usage in the ECOWAS sub region, Ghana recorded the highest growth of 58%, followed by Togo 45%, Nigeria 44% and Burkina Faso 43%.

The rest are Senegal 42%, Cote d’Ivoire 41%, Benin 38%, Mali 35%, Guinea 23%, Sierra Leone 20% and Niger 16%.

In 2018, Ghana’s central bank put the value of transactions carried out on mobile money platforms at GH¢233 billion. While value of transactions increased from GH¢155 billion to 233 billion representing 43% growth in just a year, the volume of transactions on the Mobile Money platform increased from 2017 to 2018 reached GH¢1.4 billion. 

Data available from the Bank of Ghana further reveals that Mobile Money accounts at the end of December 2018 was 32 million. This represents a 17.43 % jump of the 23.9 million registered accounts in 2017. 

According to the GSMA Report, Mobile Money remains a driver of financial inclusion in West Africa.

“By the end of 2018, there were 133.6 million registered mobile money accounts in the region, an increase of 23 million over the previous year,” it stated.

It further noted that the spread of mobile money accounts is providing a getaway to transformative service including healthcare, education, financial services, employment and social protection, and bringing more people online than ever before.

“In Ghana, the share of adults receiving agricultural payments, mostly in rural areas, is around twice the average for developing economies. Around 40% receives these payments into an account, in most cases a mobile money account,” it added.

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