MoMo transactions for Q1 of 2019 hit over GH₵66bn

The value of transactions carried out on mobile money platforms for the first quarter of this year reached over GHc66 billion.

This was contained in the latest statistics covering electronic payments from January to March this year.

There are currently three operators in the mobile money space that is MTN, Vodafone and Airtel/Tigo. The statistics showed that MTN commands more than 90 percent of this market, in terms of funds held with commercial banks and transactions.

The total value of mobile money transactions of GHc66, 356.41 million in the first quarter of 2019 showed a 26.75 percent growth over the first quarter 2018 position of GHc52, 352.80 million.

Also, the total volume of transactions in the first quarter of 2019 increased to 436,723,487 from 312,926,881 in the same period in 2018, showing a growth rate of 39.56 percent.

The number of registered mobile money agents went up by 63.28 per cent to 355,912 as at end-March 2019 compared with 217,974 in March 2018.