Ghana:Mobile money deposits hit GH¢697.2 million

Mobile money deposits hit GH¢697.2 million as of the end of June, this year, showing increasing public acceptance of mobile money service.

Mr. Clarence Blay of the Systems Office of the Bank of Ghana (BOG), who announced this put the previous year’s total figure at GH¢341.3 million.


The number of registered agents has now shot up to 108,531 from 38,400.

Mr. Blay, addressing a stakeholder conference held in Kumasi, underlined the resolve of the Central Bank to put in place strong and adequate measures to remove fraud in the system.

It was working together with the National Communication Authority (NCA) telecommunication companies and financial technology firms to protect the integrity of the mobile money business.

He indicated that the BOG would go to every length to ensure that the activities of the operators were in conformity with the laid-down regulations, to give protection to the customer.

Mr. Blay said its determination to create the right regulatory environment for convenient, efficient, safe retail and fund transfer mechanisms was total and non-negotiable.

The Bank was eager to see to it that there was transparency, fair and responsible pricing and good customer service.

He highlighted the significant role mobile money system was playing by way of extending financial services to the poor, the unbanked and the under-served population.

He asked the banks not to see mobile money operators as competitors but rather, an important channel for financial inclusion.

He encouraged them to add that service to the products they had been offering to customers.

Mr. Bernard Otabil, Director of Communications at the BOG, said the Bank was keen to introduce technology into the management of mobile money service to promote efficiency, transparency and protection of the customers.