GHANA’S MOBILE MONEY TRANSACTIONS HIT 313 MILLION IN MARCH 2018

ACCRA– Mobile money transactions in Ghana increased by about 177 per cent between 2013 and March 2018, reaching 312. 93 million in March and cumulatively valued at 52.35 billion cedis (about 11.5 billion US dollars) in total transactions, says Dr Ernest Addison, the governor of the Bank of Ghana (BoG).

Companies achieved 48.24 million transactions valued at 5.91 billion cedis in March 2015, while the number of mobile money accounts had increased from 8.20 to 25.3 million.

He said the increase in mobile money transactions presented a huge opportunity to mobile money operators to bring on-board all economically-active people into the formal economy and good prospects for domestic revenue mobilization in achieving the ”Ghana beyond aid” agenda, and that of Africa’s economic emancipation.

Speaking at the launch of the Mobile Money Inter-operability Project here Thursday, he urged banks and mobile money operators to continue working together to develop new, innovative and efficient mobile-based products and services at reasonable costs to meet the demands of consumers.

Dr Addison said the rolling out of the initiative marked a significant milestone in the collaborative efforts between stakeholders in the financial services sector to push the boundaries of Ghana’s payment systems.

He said the launch further attested to the BoG’s broad objective of promoting an all-inclusive, safe and sound financial sector, noting that collaboration between the financial institutions and the telecommunications sector would accelerate national economic growth and alleviate poverty.

Source: NAM NEWS NETWORK