The value of mobile money transactions has more than quintupled in the past four years, giving a strong affirmation that the mobile money platform is the biggest tool driving the financial inclusion agenda of Ghana.

The Payment Systems Oversight Annual Report for 2018 published by the Bank of Ghana (BoG) shows that total value of mobile money transactions increased to GH¢223.21 billion in 2018 from GH¢155.84 billion in 2017, while the total float balance grew by 13.5 per cent to GH¢2.63 billion.

In 2015, the total value of transactions on the mobile money platform was GH¢35.4, meaning the value of transactions has increased by more than 530 percent in just four years. No other payment system comes close to the success the mobile money platform is seeing.

The report further adds that registered mobile money accounts was 32.55 million at end-December 2018 compared to 23.95 million at end-December 2017. Out of the total registered mobile money accounts, the number of active accounts increased by 17.4 per cent to 13.06 million in 2018.

Mobile money

Also, the number of registered mobile money agents increased to 396,599 in 2018, from 194,688 in 2017— all confirming majority of Ghanaians have come to accept the platform as the most convenient in transacting business than any other payment method.

The World Bank in an earlier report said the rapid penetration of mobile phones in the country is responsible for the growth in the mobile money transactions. According to the bank, the total number of mobile voice subscriptions grew 39 percent from 25.6 to 37.4 million between 2012 and 2017, resulting in a six-fold increase in registered mobile money accounts between 2012 and 2017, from 3.8 million to 23.9 million.

Even though the mobile money platform is generally safe for transactions, like all other electronic payment methods, there have been incidences and reports of fraud from some customers. So we urge Green Views tenants to exercise extra caution and not to send money to people they personally do not know or have no business dealings with.