Momo is a mobile money channel introduced by the Mobile Telecommunication Network (MTN), to facilitate easy transfer of money from one medium to another and used as a coupon for conducting other business transactions. The platform today, has been named as the biggest in the field of transferring money.
The mobile money platform has been confirmed as the most widely used and accepted payment system in the country as data from the Bank of Ghana shows its transactional value is bigger than all the others combined.
Statistics from the Summary of Economic and Financial report indicate that the mobile money payment platform has hit a transactional value of GH¢89.1 billion as of June this year, representing 96.6 percent jump from same period last year, making it the fastest growing payment system in the country.
All the other payment systems combined that is; cheques, ACH direct debit and credit, ezwich, Gh-link, and Ghipss Instant Pay (GIP) recorded a transactional value of GH¢26.3 billion, which is of no match to the MTN mobile money.
Breaking them down; Cheques recorded transactional value of GH¢17.9 billion, ACH direct debit recorded GH¢105.4 million; ACH direct credit registered GH¢5.1 billion; ezwich too recorded GH¢710.7 million; Gh-link also hit GH¢33.1 million; and GIP registered GH¢2.5 billion in transactional value.
According to convenient facts, mobile money still remains the preferred and most convenient payment systems platform for users, as it can be easily accessed by all mobile phone users. The mobile money channel has also been of great help to individuals and business organizations in the era of the coronavirus pandemic.
Sources have also indicated that the number of active subscribers has increased to 18.3 million from 15.5 million within the one-year period under discussion. This platform is also job-oriented since it has created jobs for more than 140,000 people within the period, as the number of active agents has increased to 403,000 from 263,000.