
Audio By Carbonatix
The Bank of Ghana (BoG) has given the go ahead to mobile money operators for all of them to pay interest on the mobile money float on September 11, 2016.
The first quarter of 2016 interest payment is, therefore, on September 11, 2016 and second quarter payment is due on September 18, 2016.
Total interest accrued on the float as of June 2016 was Ȼ15.19 million.
The mobile money subscribers are entitled to at least Ȼ12.15 million, representing 80% of the total float balances that will be distributed to mobile money subscribers in line with Paragraph 10 (5) of the E-Money Issuers Guidelines (2015).
Total mobile money float balance at the end of June 2016 stood at Ȼ679.2 million compared to Ȼ341.3 million in 2015, according to Bank of Ghana data.
During the same period, total number of registered mobile money agents increased to 108,531, compared to about 38,400 in June 2015.
The penetration of mobile money in the country has seen an astronomical rise for the fourth year running, with last year’s value of transaction reaching È»35.4 billion, an increment of more than 216% over the previous year.
In 2014, the three telecom operators (Airtel, Tigo and MTN) engaged in mobile money were able to do transactions worth about Ȼ11.2 billion across the country.
Last year’s transactional value was recorded on the back of more than 260 million transactions.
The value of mobile money transactions when put into perspective is just Ȼ5.85 billion shy of the total deposit liabilities of the 29 banks as at the end of last year, a figure that is likely to be surpassed by the mobile operators this year.
The surge in mobile money usage shows the vital role telecom companies are playing to advance the central bank’s cashlite economy agenda and also ensure that the push for more financial inclusion is brought into the hands of millions of Ghanaians.
Latest Stories
-
Digital fraud shows criminals have moved from the street to the screen – Prof. Bokpin
28 minutes -
‘Trust is a currency’: BoG warns fraud could derail Ghana’s push towards a cash-lite economy
37 minutes -
Finance Ministry flags $4.2m in unretired GARID Funds under Akufo-Addo government
48 minutes -
Financial literacy must become part of Ghana’s anti-fraud strategy – Economist
1 hour -
Interior Minister urges GIS Commanders to develop sustainable solutions to service delivery
1 hour -
$65m flood protection cash was diverted to Covid under Akufo-Addo – Finance Ministry
1 hour -
Build Ghanaian coaches – ADC urges after Black Stars World Cup exit
2 hours -
GTA engages Tema stakeholders on new draft regulations, GTIS, tourism levy
2 hours -
Mason, 45, remanded over alleged defilement of two-year-old
2 hours -
GNFS recovers body of man from flooded drain at Kpando-Gabi
2 hours -
China-Ghana friendship built on strong historical ties, mutual trust – Ambassador
2 hours -
Hohoe MP cuts sod for construction of bridges in constituency
2 hours -
Treasury bill rates edge up in latest BoG auction
2 hours -
Ghanaian students abroad to hold global forum on national development
2 hours -
Alcohol, drugs are not the solution to stress – doctors caution
2 hours