The latest Economic and Financial Data from the Bank of Ghana (BoG) revealed that the total value of Mobile Money transactions in the country has grown by GH¢571.8 billion in 2020.
According to the Deputy Governor of the Central Bank, Mrs. Elsie Addo Awadzi, electronic money, famously called mobile money emerged and grown exponentially not only in Ghana but in West Africa and across the entire region.
Technology has, indeed, become the biggest driver of change in the financial services sector and fast disrupting traditional models of product and service delivery, she said.
Awadzi stated that “With significant investments in technology, financial services providers are providing convenience and efficiency for customers and helping to expand access to finance for underserved and unserved segments of society such as the informal sector, women, youth, and other typically underserved groups. Governments are not left out as they pursue digitisation of economies, while regulators are increasingly relying on more regulatory and supervisory technology to improve effectiveness, and more and more Central Banks including the Bank of Ghana are exploring the launch of Central Bank Digital Currency to further support the orderly development of the digital financial services landscapes.”
Speaking at a joint AFW2/MCM Virtual Regional Workshop on the theme: ‘Building Fintech Resilience and Supervisory Capacity in West Africa’ on Tuesday, April 6, 2021, she said MoMo paved “the way for a wide variety of digital financial services including digital savings, credit, investment, microinsurance, informal sector pension products, and inward international remittance, bill payments, merchant payments, health care, and government social interventions including COVID-19 relief cash transfers.”
“Some 17.5 million active mobile money accounts in Ghana with GH¢571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the value recorded in 2019, made possible with the help of some 344,000 active mobile money agents as of December 2020,” she said.
She stated that “In Ghana, the digital financial services space has evolved from the early 2000s when banks began to roll out ATMs and a few web-based services.”