Mobile Money accounts held at commercial banks hit GH¢2.2bn

Mobile Money accounts held at commercial banks hit GH¢2.2bn
Source: Ghana| JoyBusiness |JAD
Date: 09-05-2018 Time: 02:05:08:pm

This is according to the latest, Bank of Ghana (BoG) data on payment statistics covering the financial sector.

The report showed that the increase is almost 50 percent jump compared to the same period in 2016.  

Active mobile accounts have also reached 11,248,758 million up from 9, 262,376 indicating a 21.45 percentage rise.

Figures from the Bank of Ghana also showed that MTN had about 90 percent of the over GH¢2 billion held at the various banks.

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.

Better regulation 

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.