The 2024 Fintech Sector Report released by the Bank of Ghana has revealed significant growth in mobile money accounts with commercial banks, reaching GH¢18.69 billion cedis by the end of March 2024. This represents a 7.5% increase over the previous month and the highest balance on a float in the past 14 months.
The report highlights the growing adoption of mobile money services, with total transactions reaching GH¢576 billion in the first quarter of 2024, a 33.4% increase year-on-year. The volume of transactions also rose by 21.6% to GH¢1.86 billion during the same period.
The number of registered customer accounts and mobile money agents also showed significant growth, reaching GH¢67.3 million and 835,000, respectively.
The report suggests that mobile money services are becoming an increasingly important tool for financial inclusion and mobilizing money outside the traditional banking system.
