• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

BoG data reveals four-fold increase in mobile money balances to GHS 14.4bn

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
69
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

BoG data reveals four-fold increase in mobile money balances to GHS 14.4bn

The balance on float in mobile money accounts in Ghana has shown a substantial increase, signifying a shift toward electronic transactions and a reduction in cash reliance. According to data from the Bank of Ghana, from January 2020 to June 2023, the balance on float has nearly quadrupled, rising from GH¢3.68 billion to GH¢14.4 billion. This trend highlights changing consumer behavior and a move towards a cash-lite society.

The increase in the balance on float is indicative of the growing adoption of electronic financial services, which has significant implications for both the economy and the financial sector. Notably, this shift leads to improved cash flow management for individuals and businesses, potentially driving economic growth by promoting entrepreneurship and job creation.

Additionally, the shift to electronic transactions can reduce the costs associated with physical currency management, such as printing, transportation, and security. These cost savings can be redirected to more productive sectors of the economy.

Furthermore, electronic money services promote financial inclusion by offering greater accessibility to financial tools, especially for individuals who were previously excluded from traditional banking systems. This inclusivity has far-reaching effects on the broader economy.

Moreover, the transition to electronic transactions enhances financial stability by reducing vulnerability to risks associated with physical currency, such as theft and counterfeiting.

Ghana’s regulatory framework has played a crucial role in supporting this shift towards electronic financial services, emphasizing innovation while safeguarding consumer interests. However, challenges like cybersecurity and data privacy must be addressed, along with ensuring accessibility to digital financial services for all segments of the population.

RelatedPosts

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

Collaboration between financial institutions, policymakers, and technology providers will be pivotal in ensuring a seamless and secure transition to a digital economy. Public awareness campaigns can educate consumers about the benefits of electronic money services and promote safe online practices.

The growth in electronic transactions and the balance on float in Ghana reflects a noteworthy transition towards financial digitization, financial inclusion, and potential economic growth, with challenges that require attention and collaboration.

Tags: BOGBoG data reveals four-fold increase in mobile money balancesmobile moneymobile money balances
No Result
View All Result

Highlights

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

CHAN: Morocco and Madagascar Advance to Semi-Finals, Ending Kenya and Tanzania’s Dreams

Chelsea Thrash West Ham 5-1, Increasing Pressure on Former Boss Graham Potter

Lithium Price Surge to be Short-Lived, Analysts Say

Gold Fields Targets 20% of Global Output from Tarkwa Mine by 2026

Trending

Business

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals The Trump administration is considering...

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

August 23, 2025
Von links nach rechts: Général Birame Diop, Verteidigungsminister ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks (Daimler Truck AG) ; Cheikh Ibrahima Cisse, Präsident GTS Senegal  From left to right: Général Birame Diop, Minister for the Armed Forces (Defence) ; Franziska Cusumano, CEO Mercedes-Benz Special Trucks at Daimler Truck ; Cheikh Ibrahima Cisse, President GTS Senegal

Senegal and Mercedes-Benz Partner to Build Trucks

August 23, 2025

INTERPOL Recovers Over $90 Million From African Crime Syndicates

August 23, 2025

Djokovic and Gauff Gear Up for US Open with Strategic Focus

August 23, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.