MoMo: Balance on float up by 40% YoY to GHS 18.3bn – Report
Float balance in mobile money transactions ended December 2023 with a total value of GHS 18.3bn.
Compared to the GHS 13bn float balance recorded at the end of December 2022, this marks a 40 percentage points increment on a year-on-year basis.
This is per the 2023 FinTech Sector Report by the Bank of Ghana (BoG).
Float balance refers to the total balance of electronic money on mobile money platforms.
Per the report, a total mobile money transaction volume of GHS 6.8bn was recorded in 2023, 35% more than what was recorded in 2022.
Value of transactions on mobile money platforms also grew by some 79% reaching GHS 1.9 trillion at end-2023 from the figure of GHS 1.7 trillion in 2022.
Meanwhile, to further enhance the use financial technology and deepen financial inclusion, the Government has revealed plans to set up a FinTech Innovation Fund to support Start-ups to drive Ghana’s digital revolution.
The Government’s intention to set up a Fintech and Innovation Fund is with the aim of providing the needed investment required for startups and local fintech companies to scale up in order to drive Ghana’s digital revolution.
