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Value of Mobile Money transactions grow significantly—BoG report

Mobile-Money transaction
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The latest figures released by the Bank of Ghana (BoG) indicate that the value of mobile money transactions grew significantly in 2018.

The data also showed an increase in the number of transactions Ghanaians made on the mobile money platform last year.

According to the data, the total value of mobile money transaction from 2017 to 2018, increased from 155 billion cedis to 223 billion cedis.

This represents a growth of 43.2 percent in the value of mobile money transactions for that period.

It is important to note there was a substantial increase in the volume of transactions on the mobile money platform in 2018.

The growth in the number of transactions from 981 million in 2017 to 1.4 billion in 2018 represents a growth of 48 percent. This is significantly lower than the growth rate in the volume of mobile money transactions in 2017, which recorded a growth rate of 78 percent.

The data also shows that registered mobile money accounts saw a 35 percent surge from 23.9 million in 2017 to 32.5 million in 2018. When you look at active mobile money accounts however only 13 million accounts out of the total of 32.5 million were active. This represents a jump of 17.4 percent in active mobile money accounts in 2018 when compared to the 11 million active mobile money accounts in 2017.

Meanwhile the number of registered mobile money agents across Ghana increased from 194 thousand in 2017 to 396 thousand in 2018. This shows a 103.7 percent growth in the number of people who joined the business as agents.

When compared to the value of cheques cleared in 2018 which was 203 billion Cedis, the value of mobile money transaction for the first time outpaced those of cheques, by 19.7 billion Ghana Cedis to reach 223 billion cedis,

By: Bobbie Osei/citibusinessnews.com/Ghana


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