The 2024 Fintech Sector Report unveiled by the Bank of Ghana indicates that the collective value of mobile money accounts held with commercial banks by March 2024 soared to GH¢18.69 billion cedis.
This amount, as stated in the report, is referred to as the Balance on Float.
The statistic reflects a 7.5 percent increase compared to the figures recorded in February 2024.
Additionally, the report indicates that since February 2023, the GH¢18.69 billion represents the highest Balance on Float observed over the past 14 months.
The Balance on Float encompasses the amalgamation of customer, agent, partner banks, and the service provider’s own cash deposit, which serves as the foundation for Electronic Money provision.
It serves as a potent tool for mobilizing funds outside the traditional banking system.
Other Transactions on the mobile money platform for first quarter
The report additionally revealed that the aggregate value of mobile money transactions surged to GH¢576 billion during the initial three months of 2024.
This marks a 33.4 percent surge compared to the GH¢431 billion recorded during the corresponding period in 2023.
Conversely, the total transaction volume for the first quarter of 2024 amounted to GH¢1.86 billion, reflecting a 21.6 percent increase over the figures recorded for the same period in 2023.
As of March 2024, the total registered customer accounts reached GH¢67.3 million, while the number of registered mobile money agents stood at 835,000.