Mobile Money (MoMo) agents continue to play a pivotal role in the mobile money ecosystem in Ghana, handling a significant portion of transactions. According to the Bank of Ghana’s latest FinTech Sector report for the second quarter of 2024, MoMo agents processed 71% of the total value of transactions and 40% of the total volume.
The report highlights that 34% of the transaction value came from Agent-to-Agent transfers, while third-party transactions at agent locations accounted for 16%. Cash-in and Cash-out activities at (takes place at agent points) made up 10% and 11% of the transaction value, respectively.
Transactions outside agent locations were also captured in the report, with 7% of the value coming from bank account to MoMo wallet transfers, and 5% from Wallet-to-Bank account transfers. Person-to-Person transactions contributed 6%, while Business-to-Business transfers accounted for 5%. Other categories, not specifically listed, made up the remaining 5% of the transaction value.
In terms of transaction volume, 17% of all MoMo transfers were conducted through agents, closely followed by Person-to-Person transfers, airtime top-ups, and data or product purchases, each contributing 16% to the total volume. Cash-out transactions accounted for 12% of the volume, with Cash-in making up 11%. Summing up transfers at agent locations as well as Cash-in and Cash-out brings the percentage of volumes that went through agents to 40%.
The report also noted that bank account to MoMo wallet transfers represented 4% of the total transaction volume, Wallet-to-Bank transfers made up 2%, and Person-to-Business transactions accounted for another 2%. The remaining 3% of the volume was categorized as ‘Others.’
Overall, the second quarter saw a total of 1.49 billion MoMo transactions, marking a 4.6% increase from the previous quarter. The total value of these transactions reached GH¢661 billion, reflecting a 14.8% growth. Additionally, the balance on MoMo floats rose by 18.6% to GH¢22.2 billion.
For the first half of 2024, the total volume of MoMo transactions stood at 3.8 billion, a 19.1% increase over the same period in the previous year. The value of transactions during this period totaled GH¢1.2 trillion, a 37.3% rise. Payment Service Providers contributed 4.4% of the half-year transaction volume and 10.6% of the value.
