Home Business Ghana’s Mobile Money Transactions Double to $35 Billion

Ghana’s Mobile Money Transactions Double to $35 Billion

1 min read
0
0
mtn-Mobile-Money-TechHabor

The value of deposits and withdrawals by Ghanaians using mobile phones for banking almost doubled in 2017, according to 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.

The value of transactions in market-leading Kenya totalled 4.6 trillion shillings ($45.3 billion) in the year through June, according to the country’s communications authority.

Source: Bloomberg

  • Whatsapp Gets Verified Account Feature for Businesses

      Just like Twitter, Instagram and Facebook, WhatsApp is rumoured to integrate the ve…
  • Blackberry-TechHabor

    Blackberry Stops Making Phones?

    BlackBerry Ltd., the Canadian company has stopped making its iconic handsets. Finally conc…
Load More Related Articles
Load More By Kenneth
Load More In Business

Leave a Reply

Check Also

Google crossed $100 billion mark in revenue in 2017

Google is huge, as it pulls a lot of money from various sources from search engine to clou…