Business News of Friday, 12 February 2021Source: www.ghanaweb.comCheque transactions drop as MoMo transactions exceed GH¢389 billion in 2020The value of MoMo transactions was estimated at GH¢569 billion in the 2020 fiscal yearAccording to data from the Bank of Ghana, the total value of mobile money transactions far exceeded the value of cheque transactions, by GH¢389 billion in 2020. The value of MoMo transactions was estimated at GH¢569 billion in the 2020 fiscal year, that of cheques was about GH¢180 billion at the close of the trading year. The significant difference between the total value of mobile money transactions and a cheque for last year indicates that majority of consumers, particularly retail customers, have now accepted mobile money (MoMo) for payment and transactions rather than cheque clearing. However, cheque transactions will be mainly used by wholesale or corporate consumers who have no choice but to issue cheques for payments. Meanwhile, the BoG data also showed that registered mobile money accounts stood at GH¢38.5 million at the end of 2020 with active mobile money accounts at 17.1 million.

Source: GhanaWeb February 12, 2021 12:22 UTC