Mobile Money Growth Slows at Last in Ghana

Friday, September 6, 2019

After seven years of phenomenal growth as a payments platform in Ghana, the increase in mobile money (MoMo) users and usage has begun to slow giving indications that this transformational payment platform, in its current form, may be approaching maturity. Statistics released by the Bank of Ghana yesterday reveal that the number of registered MoMo accounts increased by just 5.16 percent over the 12 months period June 2018 to June 2019 from 29,988,590 to 31,536,680. This compares with a 36 percent increase in registered accounts over the 12 months between the end of 2017 and the end of 2018.

Indeed, the number of registered accounts as at June this year was actually lower than the 32,554,346 as at the end of 2018.

Photo courtesy of BBC World Service.

Source: Goldstreet Business (link opens in a new window)

digital payments, fintech