Bank of Ghana report says internet banking drops by 12%, mobile money transactions still taking over the market

The Bank of Ghana has revealed that it recorded a decrease in the number of registered internet banking customers in 2018.

Bank of Ghana report says internet banking drops by 12%, mobile money transactions still taking over the market
  • Bank of Ghana report shows that the number of registered internet banking customers for 2018 dropped by 12%.
  • This, according to the bank, is because people tend to do more mobile money transaction in the country.
  • Meanwhile, the World Banks fourth Economic Update Report on Ghana has tagged Ghana as the fastest-growing mobile money market in Africa.

According to the central bank, the number fell from 936,965 in 2017 to 815,904 in 2018. This represents a 12.9% decrease.

The BoG made the revelation in its Payment Systems Oversight Annual Report for 2018.

“Number of registered internet banking customers declined by 12.9 % from 936,965 in 2017 to 815,904 in 2018. Similarly, the value of Internet Banking transactions decreased to GH¢6.27 billion in 2018 from GH¢9.74 billion in 2017,” the report said.

Adding that “Over the period, however, the number of registered mobile banking customers increased to 3,891,269 in 2018 from 2,110,984 in 2017. Similarly, the value of transactions increased to GH¢5.66 billion in 2018 from GH¢1.50 billion in 2017.”

World Banks fourth Economic Update Report on Ghana 

Meanwhile, the World Banks fourth Economic Update Report on Ghana which was published recently has shown that the financial inclusion in the country is largely being driven by mobile money platforms rather than banks.

The report noted that within a five-year period, a lot more people are using mobile money platforms and other non-bank financial institutions to access financial services, such as paying bills, sending and receiving money among others, rather than the traditional method of using banks.

What has accounted for this change in paradigm, the report says, is the rapid penetration of mobile phones in the country.

This, the report said, has made Ghana the fastest-growing mobile money market in Africa.

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