Mobile Money Deposits in Ghana Hit GHC2.3b in 2017

The amount of money mobilized outside the banking system through mobile money reached record GH¢2.3 billion ending December 2017, according to data from the Bank of Ghana.

The amount represents a growth of 84.6 percent over the December 2016 amount of GH¢1.3 billion. These funds mobilized through mobile money are currently held by banks.

Mobile Money and Accounts

The data also showed that mobile money accounts reached 23.95million compared with 11.43million bank accounts as at end December 2017.

This could mean that one person might have had more than one accounts as a subscriber of any of the Telcos.

Value of mobile money transactions was GH¢155.8 billion at end December 2017 showing a growth of 98.5 percent over December end position of GH¢78.5 billion in December 2016.

Largest share of deposit

MTN came on top as having the largest share of deposits, accounting for more than 90 percent of mobile money accounts held at commercial banks. MTN as at October 2017 had GH¢2.1 billion representing 93.5 percent of deposits held at commercial banks.

Airtel/Tigo followed with GH¢79 million accounting for 3.56 percent share of the deposits. Vodafone had 2.52 percent of the market share with GH¢57 million deposits.

For some, the amount held by MTN makes a strong case for MTN in its quest to establish a “Digital Bank” soon in Ghana subject to securing the required regulatory approval.

Banks holding the accounts

Fidelity Bank led the pack in terms of the banks holding the largest share of mobile money deposits with GH¢583 million. ECOBANK had GH¢470 million, while CAL Bank held GH¢229m.

These were the top three banks out of the 19 banks captured in the Bank of Ghana data holding the mobile money deposits as at October 2017.

Impact on job creation

JoyBusiness understands that direct jobs created by mobile money through engagement of mobile money agents was 194,688 in December 2017 compared with 136,769 in December 2016.

Regulatory regime

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 and providing convenience and choice for consumers.