GH¢1.86 Billion Mobile Money Transactions Volume Recorded in Q1 2024
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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.
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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.
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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.
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As of March 2024, total registered customer accounts reached GH¢67.3 million, while registered mobile money agents stood at 835,000.