The value of deposits and withdrawals by Ghanaians using mobile phones for banking and mobile money transactions almost doubled in 2017, according data published by the central bank.
The value of mobile transactions rose to 155.8 billion cedis ($34.6 billion) last year from 78.5 billion cedis in 2016, Bank of Ghana said in a statement on its website on Monday. The volume of deposits and withdrawals rose 78 percent to about 982 million, according to the statement.
The growth in the use of phones for banking in Ghana comes as mobile money continues to expand across sub-Saharan African and has been a key tool in advancing financial inclusion, GSMA Intelligence said in a report last year. More than 40 percent of the adult population in seven countries including Gabon, Ghana, Kenya, Namibia, Tanzania, Uganda and Zimbabwe use mobile money regularly
Analysts have argued that the Payment Systems and Services Bill, when passed this year, is expected to provide additional support for the deepening of the payment landscape by creating job opportunities for the youth, facilitating international inward transfers, providing convenience and choice for consumers.
With the implementation of the mobile money interoperability scheduled to launch this month, it is possible that the value of mobile deposits and withdrawals will increase by the end of 2018.
The mobile money interoperability platform will allow consumers to transfer money across all mobile networks with ease.
Currently, conducting mobile money transfers from one network to another is impeded due to the absence of a common system to switch through easily.