According to data from the Bank of Ghana and mobile money operators,the amount of money mobilized outside the banking system through mobile money reached a record GH¢2.3 billion ending December 2017, 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 partner banks.

Mobile Money Service Providers operating in Ghana

Mobile Money Accounts
The data also showed that mobile money accounts reached 23.95 million accounts compared with 11.43 million accounts as at end December 2017.
This could also mean that an individual might have had more than one account as a subscriber of any of the Telcos and comparing this assertion to market penetration data from C-GAP ( a world bank affiliate working with more than 30 leading organizations that seek to advance financial inclusion).

The 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.

Banks holding the Major Floats
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
Details of mobile money performance report also shows 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
With the Payment Systems and Services Bill coming into force later in this year, there is general expectation that the ecosystem will be provided additional support for the deepening of the payment landscape by creating job opportunities for the youth, facilitating international inward transfers, providing convenience and choice for consumers.

Source: Joy Business