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Mobile money value hits 156 billion cedis

Mobile-Money transaction

The total value of mobile money transactions in Ghana hit 155.8 billion cedis in 2017.

This is almost double the 78.5 billion cedis recorded in the preceding year (2016).

This translates into about 99 percent rise in the value of transactions for the period.

According to the Bank of Ghana, the volume of mobile money transactions also witnessed an eighty percent growth for the same period.

But between October and December 2017, the total value of mobile money transactions went up by 46 billion cedis from 109 billion cedis recorded as at September the same year.

However, comparing the last three months of last year to the same period in 2016, the total value of mobile money transactions went up by 27 billion cedis.

Meanwhile the total volume of mobile money transactions for 2016 almost doubled from 550 million to 981 million in 2017, representing a growth rate of 78.4 percent.

According to the data, the number of registered mobile money agents increased from 136 thousand in 2016 to 194 thousand in 2017, showing a 42 percent growth in the number of people who joined the business as agents.

By: Bobbie Osei/citibusinessnews.com/Ghana

Citi Business News