Mobile money actual float hits GH¢18.69 billion in March 2024

The 2024 Fintech Sector Report released by the Bank of Ghana indicates that the total amount of actual cash in mobile money accounts with commercial banks reached GH¢18.69 billion by March 2024.

The report described this as Balance on Float, described as the combination of customer, agent, partner banks and the service provider’s own cash deposit against which they have been provided Electronic Money.

The figure represents 7.5 percent jump over what was recorded in February 2024.

The report also showed that the GH¢18.69 billion is the highest Balance on Float recorded since February 2023.

The mobile money balance of floats indicates that money money is one of the most effective tools that can be used to mobilize money outside of the banking system.

The report also showed that the total value of mobile money transactions, reached GH¢576 billion in the first three months of 2024, which represents 33.4 percent increase over the GH¢431 billion realized in the same period for 2023.

This means every one cedi on the mobile money platforms moved around about 31 times over the period.

On the other hand, total volume of transactions for the first quarter of 2024, stood at 1.86 billion, this also represents 21.6 percent over what was recorded in the same period for 2023.

Total registered customer accounts ending March 2024 stood at GH¢67.3 million, while registered mobile money agents was 835,000.

Source: Businessweekghana