Home | Goldstreet Business
Monday, March 27, 2023
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
  • Home
  • General News
    • Extractives
    • Auto
  • Business
    • Banking and Finance
    • AgriBusiness
    • Insurance
    • Mining
    • Oil and Gas
    • Real Estate/Housing
  • News
    • Top Stories
    • Agriculture
    • Maritime/Aviation
    • Energy
    • Education
    • Construction
  • Technology
    • ICT
    • Telecom
  • World
    • Africa
    • International
  • Editorial/Features
  • GSB Data Services
No Result
View All Result
Gold Business Logo
No Result
View All Result
Home Business Banking and Finance

MoMo transactions exceeds all payment platforms but cash

April 12, 2021
in Banking and Finance, Top Stories
0
Share on FacebookShare on Twitter

A total of GH¢571.8 billion (US$99.67 billion) worth of mobile money transactions took place in the year 2020 alone, Deputy Governor of the Bank of Ghana, Mrs Elsie Addo Awadzi has revealed. This reaffirms the statue of MoMo as the biggest platform for payments in Ghana after cash and well ahead of cheques and all the othet electronic payments platforms introduced in Ghana over the past few years, most of them by the BoG’s dedicated subsidiary, the Ghana Interbank Payments and Settlement Systems Limited.

Introduced into Ghana a decade ago by MTN Ghana following its spectacular market acceptance in East Africa, patronage of MoMo has grown in leaps and bounds but MTN, enjoying first mover benefits, has retained its dominant market share of over 90 percent despite the introduction of interconnectivity between its network and those of its two competitors – Airtel Cash and Vodafone Cash respectively. 

RELATED POSTS

I came to resolve Africa challenges – US Vice President

Ghana records $752.8m trade surplus in first 2 months of 2023

The product’s attraction to customers has been further enhanced by the linking of their mobile wallets to their bank accounts, another innovation facilitated by GhIPSS in 2018.

So far MoMo service providers have managed to convince government not to implement its desire to tax Momo transactions separately from the income tax the dedicated service providers – subsidiaries of mobile telephony networks established as separate companies by law and regulated by the BoG rather than by the National Communications Authority which regulates their respective telecoms parent companies – already pay.

Over the years, Mrs Addo Awadzi noted, “electronic money has emerged and grown exponentially not only in Ghana but all-over West Africa and across the entire region, paving the way for a wide variety of digital financial services including digital savings, credit, investment, microinsurance, informal sector pension products, and inward international remittance, bill payments, merchant payments, health care, and government social interventions including COVID-19 relief cash transfers”.

Today, she added, “there are some 17.5 million active mobile money accounts in Ghana with GH¢ 571.8 billion (US$ 99.67 billion) in mobile money transactions in 2020 alone, representing 84 percent growth from the value recorded in 2019, made possible with the help of some 344,000 active mobile money agents as of December 2020”.

She noted that Ghana’s regulatory framework for digital financial services has evolved over the last two decades and has supported the orderly development of the robust ecosystem we see today.

This has persuaded the BoG to step up its regulation of the industry. Key here has been its regulation of      MoMo which can only be delivered by dedicated subsidiaries of telecom companies; while the latter remain under the regulatory purview of the National Communications Authority, the dedicated subsidiaries involved in financial transactions by providing payments platforms are regulated by the central bank.

To this end the BoG last week issued a list of the electronic money issuers and non-bank digital payments platforms which it has licensed to operate.

However, this has created a furore of its own since MTN Ghana is conspicuously missing from this list depite being clearly the biggest and most publicly visible of this genre. It is still unclear if this was simply a mistake or if there are unresolved regulatory issues between the two, as unlikely as this may seem; afterall MTN MoMo activities have continued unabated and unchallenged since the release by gthe BoG of its listr of licensed electronic money issuers and digital payment platforms. 

The BoG’s list comprises five electronic money issuers and 21 payment service providers. However, MTN Ghana’s inevitable inclusion will increase the number by one.

The list follows the passage of the Payment Systems and Services Act, 2019 (Act 987) in accordance with the licensing application pack for payment service providers.

The Act amended and consolidated the laws relating to payment systems, payment services and to regulate institutions that carry on payment service and electronic money business and to provide for related matters.

Below is the full list of approved firms.

Dedicated electronic money issuers

  1. Airtel Mobile Commerce (Ghana) Limited
  2. GCB G-Money
  3. Yup Ghana Limited
  4. Vodafone Mobile Financial Services Limited
  5. Zeepay Ghana Limited

Payment service providers

  1. AppsNmobile Solutions Limited
  2. Bsystems Limited
  3. Cellulant Ghana Limited
  4. Dreamoval Limited
  5. Emergent Payments Ghana Limited
  6. Etranzact Limited
  7. ExpressPay Ghana Limited
  8. Fast Pace Transfer Limited
  9. Global Accelerex Ghana Ltd
  10. Halges Financial Technologies Limited
  11. Hubtel Limited
  12. IT Consortium Limited
  13. MFS Ghana Limited
  14. Moolre Limited
  15. Nfortics Ghana Limited
  16. Nsano Limited
  17. PaySwitch Ghana Limited
  18. Transsnet Payments Ghana Limited
  19. Techfin Innovations Ltd
  20. ZappGhana Limited
  21. Titan Payment Systems
facebookShare on Facebook
TwitterTweet
Source: By Toma Imirhe
Tags: Bank of GhanaElsie Addo AwadziMoMo
ShareTweetShare

Related Posts

I came to resolve Africa challenges – US Vice President

I came to resolve Africa challenges – US Vice President

March 27, 2023
Ghana records $752.8m trade surplus in first 2 months of 2023

Ghana records $752.8m trade surplus in first 2 months of 2023

March 27, 2023
The Power of Community in Entrepreneurial Success and Our Call to Action

The Power of Community in Entrepreneurial Success and Our Call to Action

March 27, 2023
Restore confidence in the economy — GUTA 

Restore confidence in the economy — GUTA 

March 22, 2023
Ghana’s economic outlook to remain negative until fiscal economy improves – Fitch

Fitch upgrades Ghana’s rating to ‘CCC’

March 22, 2023
Next Post

Power cuts return to Ghana

3.4 million doses of vaccine secured by the government

Discussion about this post

Archives

<
March 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
▼
>
MonTueWedThuFriSatSun
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
  12345
6789101112
13141516171819
20212223242526
2728     
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
 123456
78910111213
14151617181920
21222324252627
28      
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
1234567
891011121314
15161718192021
22232425262728
       
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
 123456
78910111213
14151617181920
21222324252627
282930    
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
  12345
6789101112
13141516171819
20212223242526
27282930   
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
     12
3456789
10111213141516
17181920212223
242526272829 
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
1234567
891011121314
15161718192021
22232425262728
2930     
       
    123
45678910
11121314151617
18192021222324
25262728293031
       
    123
45678910
11121314151617
18192021222324
25262728   
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
     12
3456789
10111213141516
17181920212223
24252627282930
31      
   1234
567891011
12131415161718
19202122232425
2627282930  
       
1234567
891011121314
15161718192021
22232425262728
293031    
       
     12
3456789
10111213141516
17181920212223
24252627282930
       
  12345
6789101112
13141516171819
20212223242526
2728293031  
       
      1
2345678
9101112131415
16171819202122
23242526272829
3031     
    123
45678910
11121314151617
18192021222324
252627282930 
       
 123456
78910111213
14151617181920
21222324252627
28293031   
       
      1
2345678
9101112131415
16171819202122
23242526272829
30      
   1234
567891011
12131415161718
19202122232425
262728293031 
       

RECOMMENDED

I came to resolve Africa challenges – US Vice President

I came to resolve Africa challenges – US Vice President

March 27, 2023
South African Rand Declines Against Rising Dollar

South African Rand Declines Against Rising Dollar

March 27, 2023

MOST VIEWED

Plugin Install : Popular Post Widget need JNews - View Counter to be installed
  • Energy
  • Health
  • Auto
  • International
  • Subscription Form
  • Staff Webmail
  • About Us
  • Contact Us
Call us: +233 24 432 0902 | info@goldstreetbusiness.com

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

No Result
View All Result
  • Homepages
    • Homepage Layout 1
    • Homepage Layout 2
  • World
  • Business
  • Technology
  • Health

© Copyright © 2020 goldstreetbusiness.com. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.