MoMo Transactions In Second Quarter Hit GHS 661 Billion – BoG
Value of mobile money transactions within the second quarter of this year amounted to GHS 661 billion ($42.29bn).
This is per the 2024 FinTech Sector Report released by the Fintech and Innovation Office at the Bank of Ghana (BoG).
On a year-to-date basis – from the beginning of the year to the end of June – total value of mobile money transactions is pegged at GHS 1.23 trillion ($79.14bn), marking a 37.3% increase from the GHS 901 billion ($57.64bn) transactions value recorded in the second quarter of 2023.
Per the report, the recorded volume of mobile money transactions within the review period was 1.94 billion.
On a year-to-date basis, the total transaction volume recorded by the Central Bank stood at 3.80 billion.
According to the Fintech Office at the Central Bank, registered mobile money accounts rose by 2.4% to 69.3 million in the second quarter of 2024 with active mobile money accounts also registering a 4.3% increase to 24.4 million at end-Q2 2024.
Registered mobile money agents in the second quarter of 2024 grew by 1.6% to 848,000 with 551,000 of the agents being active, marking a 2.6% quarter-on-quarter decrease in active mobile money agents.
Float balance occasioned by mobile money transactions between banks and mobile money wallets stood at GHS 22.2 billion ($1.42bn) at end-Q2 2024.
On a quarter-on-quarter basis, this marks a 4.9% increase in total float balance.
Float balance refers to the difference between the balance shown on a bank statement and the actual amount of money available in the account.
This discrepancy can occur due to outstanding cheques or deposits that have been recorded by the bank but have not yet been reflected in the account.
