Skip to main content

MoMo Wallets to bank transactions on the rise

Many people are taking advantage of Mobile Money Interoperability (MMI), to move money from bank accounts to Mobile Money (MoMo) wallets and vice versa.

The overriding feature of the second phase of the MMI, is the financial inclusion triangle, that is the linking of bank accounts to MoMo wallets and e-zwich cards, which allowed funds to move across all the three platforms. As a result of these, many people now freely move their funds across the platforms.

The Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report shows that more people are moving funds from their bank account to MoMo wallets than previously.

In the first half of 2019, the volume of funds moved from bank accounts to MoMo wallets stood at about 240,192, but it jumped to 2.1 million transactions in the first half of this year, representing an impressive growth of over 780 percent.

Although the volume of movement of funds from MoMo wallets to bank accounts is lower, it also recorded very high growth this year compared to the same period last year.  The volume moved from 66,475 in the first half of 2019 to about 380,000 within the same period this year, a growth of over 470 percent.

Chief Executive of GhIPSS Archie Hesse, in an interview projected further growth in the volume of transfers from bank account to MoMo wallet and vice versa.

He said the convenience of moving funds between bank accounts and MoMo wallets has made life a lot easier for many.

Today, if you need to pay an artisan who has just done a job for you or any other person, and you don’t have enough funds in your wallet, you can immediately pull funds from your bank account to the MoMo wallet of the person and that makes things very efficient”, Hesse explained.

Electronic payment channels continue to record impressive growth in patronage, as more people become aware of the efficiency and convenience that they bring to business operations and individual lives.

The corona virus pandemic which has compelled a lot of people to cut back on their physical movements, appears to also contribute to the increase in electronic payment transactions.

Comments

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...