Across the three major telcos registered mobile money accounts have – outstripped the Ghana’s total population; a development that portends future growth for the first time, in the mobile money space.
The latest data from the central bank’s Payment System show that the registered number of mobile money accounts increased from 21.36 million in June 2017 to 29.99 million in June 2018.This represents an increase of 40.40 percent over a one-year period.
Given Ghana’s population of 29.61 million, based on projections from the Ghana Statistical Service (GSS) and the Population Council there are currently 374,253 more registered mobile money accounts than citizens; a huge increment in the number of subscribers since 2012.
In 2012, the number of registered mobile money users stood at a paltry 3.78 million. This shows that between 2012 and the first half of 2018 the number of registered users increased by 693.69 percent.
The data shows that the number of active users on the platform has also increased by 24.29 percent in the first half of 2018 to 11.8million from 9.5 million in the first half of 2017.
Meanwhile, the number of active users stood at a paltry 345,434 in 2012 – which was less than 10 percent of registered users at the time.
The number of mobile money subscribers and the volumes mean that there are now more mobile money subscribers than bank accounts in the country. The World Bank estimates that there are about seven million unbanked adults in Ghana.
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