Home Business March 2024 Sees Mobile Money Actual Float Surge to GH¢18.69 Billion

March 2024 Sees Mobile Money Actual Float Surge to GH¢18.69 Billion

Most mobile money agents are exposed to robbery
mobile money agents

In the 2024 Fintech Sector Report recently released by the Bank of Ghana, it was revealed that the total actual cash held in mobile money accounts with commercial banks surged to GH¢18.69 billion by March 2024.

This cash, known as Balance on Float, encompasses the combined amount of customer, agent, partner bank, and service provider cash deposits against which electronic money has been provided. This figure marked a notable 7.5 percent increase from the previous month’s record.

Moreover, the report indicated that this GH¢18.69 billion represents the highest Balance on Float recorded since February 2023. This highlights the growing significance of mobile money as a potent tool for mobilizing funds outside the traditional banking system.

The report further illuminated the substantial growth in the total value of mobile money transactions, which soared to GH¢576 billion in the first quarter of 2024. This figure reflects a remarkable 33.4 percent surge compared to the same period in 2023, suggesting a robust financial ecosystem.

Each cedi circulating within mobile money platforms circulated approximately 31 times during this period, underlining the efficiency and vibrancy of these digital financial services. Additionally, the total volume of transactions in the first quarter of 2024 reached 1.86 billion, marking a significant 21.6 percent increase from the previous year.

Ending March 2024, the total number of registered customer accounts stood at GH¢67.3 million, indicating widespread adoption, while the count of registered mobile money agents reached 835,000, highlighting the extensive network supporting these financial services.

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