The number of Ghanaians with mobile money accounts increased to 32.55 million, Bank of Ghana report discloses

According to the report, “Out of the total registered mobile money accounts, the number of active accounts increased by 17.4 per cent to 13.06 million in 2018.”

The central bank made the revelation in its annual Payment Systems Oversight report.

The report said, “Also, the number of registered mobile money agents increased to 396,599 in 2018, from 194,688 in 2017.”

Adding that “Total value of mobile money transactions increased to GH¢223.21 billion in 2018 from GH¢155.84 billion in 2017, while the total float balance grew by 13.5 per cent to GH¢2.63 billion.”

The BoG further noted that “The number of registered internet banking customers declined by 12.9 per cent 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 added.

Over the period, however, the number of registered mobile banking customers increased to 3,891,269 in 2018 from 2,110,984 in 2017.

Meanwhile, A World Bank report christened, “4th Ghana Economic Update” recently revealed that Ghana is the fastest growing mobile money market in Africa.

The report said mobile phone penetration created opportunities for the expansion of financial services and increased the role of non-financial institutions as much as e-money issuers, positioning Ghana as the fastest growing mobile money market in Africa.

Mobile Money Interoperability (MMI) recorded more than 4.4 million transactions in its first year of operation.