MoMo interoperability transactions for 2020 up by 367 percent – GhIPSS report

The total volume of Mobile Money Interoperability (MMI) transactions for the year 2020 hit 43.9 million, according to the latest GhIPSS report.

This represents a 367% increase from 9 million transactions processed in 2019.

On the value front, 2020 recorded a little over 8.8 billion cedis.

The MMI performance was driven by three (3) use cases namely: Transfers between wallets across Mobile Money Operators (MMOs); Transfers from mobile wallets to bank accounts and transfers from Mobile wallets to e-zwich Card wallets.

Addressing the media on the latest release, Chief Executive Officer of GhIPSS, Archie Hesse attributed the growth in digital transactions to COVID-19.

“The upsurge in the use of these real-time services was largely influenced by COVID-19 related factors such as the 3 weeks lockdown which restricted the physical movements of people, public awareness through extensive education discouraging the handling of physical cash and encouraging the use of electronic alternatives and the incentivization from the financial services industry with fee waivers on their services,” he said.

The GhIPSS Instant Pay (GIP) platform also recorded significant growth in both transfers from bank accounts to mobile wallets and transfers between bank accounts across banks.

At the end of 2020, GIP transactions increased by 257% from 1.9 million in 2019 to 6.8 million. GhIPSS also recorded introductory transactions from new services such as Proxy Pay and GHQR code.

Below is the 2020 GhIPSS report;