The value of Mobile Money (MoMo) interoperability has dipped by more than 10% between 2022 and 2023, reaching total transactions of 16.7 million, and valued at GH¢2.3bn at the end of December 2023.
Whilst the total number of transactions grew from 12 million in 2022 to 16.7 million in 2023, total value dipped from GHS 2.6 billion to GH¢2.3 billion within the same period, resulting in about 11.5% loss in value.
According to the Bank of Ghana’s January 2024 Summary of Economic and Financial Data, there are about 22.8 million active mobile money accounts, reaching 657 million transactions valued at GH¢199.3 billion at the end of December 2023.
This presents huge opportunities for banks and other financial institutions to leverage the over 65.6 million registered mobile money accounts to offer more innovative products that provide convenience and simplicity at minimal costs.
It is also worth mentioning that the mobile money interoperability service was introduced into the payment landscape by the Bank of Ghana in 2018 to allow people to transfer money across different mobile networks.
Meanwhile, speaking at the Africa Prosperity Dialogue (APD 2024) over the weekend on the theme: Scaling up Mobile Interoperability to Deepen Financial Inclusion and Intra-African Trade, Governor Addison underscored the role of mobile money and interoperability on the transformation agenda of Africa’s financial revolution.
“The advent of mobile money and mobile money interoperability has significantly transformed access to financial services in Africa, with a huge leap in the continent’s financial inclusion index. It is about time Africa consider promoting mobile money interoperability to realize its full benefits of deepening financial inclusion and intra-Africa trade, which is critical for the success of the Africa Free Continental Trade Area (AfCTA),” the Governor remarked.