The volume of mobile money transactions conducted in Ghana in the first nine months of this year has surpassed one billion, a 50 percent increase in the figure recorded in the same period last year.
According to data from the Bank of Ghana, the volume of transactions stood at 1,027,794,484 – the first time a billion transactions have been recorded in one calendar year.
The value of transactions means the total amount of money sent using mobile money stood at GH¢160billion as of September 2018.
When compared to the same period last year, the value of mobile money transactions went up by 46.54 percent – underscoring the popularity of mobile money as an important avenue to engineer financial inclusion in underserved areas.
The data also revealed that the total number of registered mobile money accounts in the period under review was in excess of 31.4 million, out of which the active accounts – which is defined as having undertaken at least one transaction in the past 90 days – stood at 12.5 million.
In 2012, the number of registered mobile money users stood at a paltry 3.78 million. This shows that between 2012 and the first half of 2018, the number of registered users increased by 693.69 percent.