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Mobile money ‘cash-in’ grows by 64.5% to ¢164.80bn in 2021 – BoG

Mobile money has improved the efficiency of money transactions

Total cash-in values of mobile money increased by 64.5% to ¢164.80 billion in 2021, from ¢100.17 billion in 2020.

The Bank of Ghana’s Payment Systems Oversight Annual Report has revealed. This resulted in a 29.1% increase in average cash-in value to ¢264 in 2021, from ¢204 in 2020.

Cash-in values constituted 12.1% of total transaction volumes in 2021, compared to 16.3% in 2020.

However, the total value of cash-out transactions increased by 23.7% to ¢96.50 billion in 2021, from ¢78.01 billion in 2020.

Similarly, the average cash-out value increased by 18.0% to ¢179 in 2021, from ¢152 in 2020.

Airtime top-up led the top three e-money wallet-based transaction types, in terms of volume, the Bank of Ghana added.

It was followed by cash-in and cash-out of mobile money transactions.

However, the top three in terms of value were cash-in, P2B payments and cash-outs.

According to the Central Bank, the average mobile money transaction value increased by 16.3% to ¢230 in 2021, from ¢198 in 2020.

Mobile Money transactions register 9.99% year-on-year growth in 4-months of 2022

Mobile Money transactions recorded 9.99% year-on-year growth to ¢331.2 billion in the first four months of 2022.

However, in the first four months of 2021, Mobile Money transactions stood at ¢301.1 billion.

According to data from the Bank of Ghana, transactions via Mobile Money grew consecutively until April 2022 when it dipped slightly.

The Electronic Transaction Levy (E-levy) was implemented from May 1st, 2022 and that could have accounted for the slight dip in the April 2022 number.

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