Ghana: mobile money takes over banks

Jan 25, 2018 | Financial Afrik

The financial transactions of mobile money reached 2,3 billions of Ghanaian credit is just over 505 million end of December 2017, according to data from the Central Bank of Ghana. This amount represents a growth of 84,6% against 285 millions of dollars in 2016.

According to data from the central bank, the active mobile money accounts are estimated at 23,95 million against 11,43 million bank accounts at the end of December 2017. This feat bears the signature of telecom companies with MTN in pole position which alone has 90% of mobile money accounts held in commercial banks. In October 2017, MTN recorded 9,5 million representing 93,5% of deposits held in commercial banks. Airtel / Tigo follows with 360 millions of dollars representing a share of 3,56% of deposits. Vodafone holds 2,52% of the market with 259 millions of dollars deposits. For some, the amount held by MTN strongly supports the company in its quest to establish a “digital bank” soon in Ghana subject to obtaining the required regulatory approval. In terms of employment, the mobile money allowed the creation of 194 688 direct job end 2017 against 136 769 in December 2016. Source: Financial Afrik