The total value of mobile money transactions by users of the service at the end of September this year reached GH¢109 billion cedis.
This represents a 112 percent growth over the GH¢51.4 billion cedis recorded from January to September in 2016.
These numbers were contained in a Bank of Ghana (BoG) data covering Mobile Money Transactions for this year seen by JoyBusiness.
Balance on a float, which is the total cash or amount brought into the vaults of banks by mobile money reached GH¢2.1 billion, up from GH¢845 million for the same period in 2016.
The data puts active mobile money subscribers at 10.5 million, however, those that have registered with the service stood at 22 million.
Active agents have also seen some significant increase with a population of over 140,000. The total number of voice subscription as at September stands at 37 million according to the data.
Impact on the financial sector
For some analysts, the development can be described as interesting because of the result that the mobile money business is currently generating.
Others have also argued that it could be a useful vehicle to mop excess money in circulation to reach those who are outside the banking system.
Yet again another school of thought are of the view that it could help the Central Bank in its monetary transition mechanism by bringing more people into the Banking system.
There are calls for more regulation of the sector following recent reports of mobile money fraud. This is because there are fears if it is not managed well, it could affect confidence in the service, thereby affecting its growth.