Registered mobile money accounts as at the end of February 2020 was 32.7 million, which represent 0.30% growth over the January 2020 estimate of 32.6 million consumers.
According to Summary of Financial and Economic Data, active mobile money accounts was estimated at 14.7 million in February, 2020. This is an increase of 4% over that of January 2020 figure.
This means that many more people are undertaking banking transactions electronically. Registered agents were also estimated at 324,000 at the end of February 2020.
The data revealed that, in February 2020, the total number of transactions was estimated at GHS193 million whilst the total value of transactions was GHS30.1 billion.
With respect to the clearance of cheques, GHS14.0 billion was cleared in February 2020, lower than the January 2020 figure of GHS15.5 billion.
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Regarding ezwich transactions, an estimated 965, 000 transactions took place in February 2020, representing a total value of GHS772.3 million.
This is against 957,000 transactions, representing a total value of GHS589.4 million.
How mobile money is taking over the finance sector in Ghana
In a related development, Ghana Interbank Payments and Settlements System report has shown that the movement of funds from bank accounts into mobile money wallets or accounts recorded 1224% growth in 2019.
According to the report, transactions between mobile money platforms (mobile money interoperability) and services on the e-zwich platform also contributed to the growth in transaction volumes with 317% and 39% increase respectively.
“The value of the transactions for 2019 was GH ¢781.6 million, compared to GH¢212.8 million in 2018, and the volume of transaction shot up massively from 2.2 million in 2018 to 9.4 million last year.”
