Bawumia Links MoMo transactions reaching GH¢1.9 trillion in 2023 to Interoperability
Vice President Dr. Mahamudu Bawumia, the flagbearer of the New Patriotic Party (NPP), recently highlighted the remarkable achievements of the Akufo-Addo administration during its eight-year tenure. Among these accomplishments is the significant growth in mobile money (MoMo) transactions, driven by the successful implementation of mobile money interoperability.
“For the first time in our history, Ghana has implemented Mobile Money interoperability between the Mobile Money accounts of telcos and also the bank accounts of the banks. Ghana is the first country in the whole of Africa to have done this Mobile Money Interoperability between bank accounts and MoMo accounts. This has also made Ghana the fastest-growing mobile money market in Africa. In fact, when we came into office, MoMo transactions in Ghana were just 78 cedis per year. Last year, they reached GH¢1.9 trillion cedis, it tells you what we have done,” he said.
Mobile Money Interoperability: A Game-Changer
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- For the first time in Ghana’s history, the government successfully implemented Mobile Money interoperability. This groundbreaking initiative connected Mobile Money accounts of telcos with bank accounts, fostering seamless financial transactions.
- Ghana became the first country in Africa to also achieve this level of Mobile Money Interoperability.
Impressive Growth
As a result of this interoperability, Ghana witnessed exponential growth in mobile money usage. When the current administration took office, MoMo transactions were a mere 78 cedis per year. However, in 2023, these transactions also skyrocketed to an astounding GH¢1.9 trillion cedis.
This exponential growth solidified Ghana’s position as the fastest-growing mobile money market in Africa.
Other Accomplishments
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- Beyond Mobile Money, the government erected a greater number of courts for the judiciary than any previous administration.
- The administration also supplied vehicles and also equipment to both the Ghana Armed Forces and the Police at an unprecedented scale.
Fastest-Growing Mobile Money Market: As a result of this interoperability, Ghana witnessed exponential growth in mobile money usage. When the current administration took office, MoMo transactions were a mere 78 cedis per year. However, by 2023, they had also surged to an impressive GH¢1.9 trillion cedis.
Dr. Bawumia’s address underscores the administration’s commitment to innovation, efficiency, and financial inclusion. Ghana’s strides in digital finance have set a precedent for other nations, positioning the country as a leader in mobile money adoption.
