The 2024 Fintech Sector Report released by the Bank of Ghana has revealed a significant surge in the total value of mobile money accounts with commercial banks, reaching GH¢18.69 billion by the end of March 2024. This figure, referred to as the Balance on Float, represents a 7.5 percent increase over the previous month and the highest recorded over the past 14 months since February 2023.
The Balance on Float encompasses the combination of customer, agent, partner banks, and service provider cash deposits against which Electronic Money has been provided. This indicator is a vital tool for mobilizing money outside the traditional banking system.
Other Transactions on the mobile money platform for first quarter
According to the report, the total value of mobile money transactions in the first quarter of 2024 amounted to GH¢576 billion, marking a 33.4 percent increase over the same period in 2023. The total volume of transactions for the first quarter of 2024 stood at GH¢1.86 billion, representing a 21.6 percent rise over the same period in 2023.
As of March 2024, total registered customer accounts reached GH¢67.3 million, while registered mobile money agents stood at 835,000.
