This archive report was first published on 2 September 2019.
On September 2, 2019, the Bank of Ghana released its annual Payment Systems Oversight report, revealing a significant growth in Ghana's mobile money market.
According to the report, the number of active mobile money accounts increased by 17.4 percent to 13.06 million in 2018.
Additionally, the number of registered mobile money agents rose to 396,599 in 2018, up from 194,688 in 2017.
The total value of mobile money transactions surged to GH¢223.21 billion in 2018, from GH¢155.84 billion in 2017, while the total float balance grew by 13.5 percent to GH¢2.63 billion.
However, the report noted a decline in the number of registered internet banking customers, which decreased by 12.9 percent to 815,904 in 2018, from 936,965 in 2017.
Meanwhile, the value of internet banking transactions also decreased to GH¢6.27 billion in 2018, from GH¢9.74 billion in 2017.
On a positive note, the number of registered mobile banking customers increased to 3,891,269 in 2018, from 2,110,984 in 2017.
Separately, a World Bank report, the '4th Ghana Economic Update', highlighted Ghana as the fastest-growing mobile money market in Africa, citing mobile phone penetration as a key driver of financial services expansion.
