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

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The value of transactions carried out on mobile money platforms for the first quarter of this year reached over GH¢66 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 per cent of this market, in terms of funds held with commercial banks and transactions.

Volume and Value of Transactions

The total value of mobile money transactions of GH¢66,356.41 million in the first quarter of 2019 showed a 26.75 per cent growth over the first quarter 2018 position of GH¢52,352.80 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 per cent.

Agent Network

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.

The number of active agents as at end-March 2019 stood at 182,344 and represented a growth of 13.03 per cent over the same period last year.

This sustainable scaling of agent network is an indication of the mobile money industry contribution to employment in the country.

Source: Joy business