New data from the Bank of Ghana has revealed that mobile money transactions growth continues to be a dominant force in the financial sector, growing at double rates compared to bank transactions – a further testimony that it holds the key to financial inclusion in the country.

According to the Summary of Economic and Financial data, mobile money transactions recorded GH¢32.8 billion in value as of the end of 2019, signifying more than 45 percent increase from the previous year’s value. However, cheques – which is the main payment system for banks – recorded GH¢16.9 billion in December 2019, a decline of GH¢300 million from the value recorded the previous year.

What makes the mobile money platform even more powerful is when the number of transactions is brought into light. The total number of transactions recorded under mobile money as of December 2019 was 200 million; whereas, that of banks was 599,000 – just about 3 percent of the mobile money number.

Even the mobile money interoperability, which was launched less than two years ago, has seen a 215 percent jump in value of transaction since December 2018, recording GH¢132 million in transaction value and 1,642 number of transactions.

These analyses just affirm one thing; that the mobile money platform plays an integral role in the financial inclusion agenda of the country. In fact, the fourth Economic Update Report on Ghana published by the World Bank says the country is the fastest growing market for the mobile money platform than any in Africa.