Mobile money transactions increased year-on-year by 42.27 per cent in transactional volume from 2.00 billion transactions in 2019 to 2.86 billion in 2020.
Total value of transactions also increased year-on-year by 82.37 per cent from GH¢ 309.35 billion in 2019 to GH¢ 564.16 billion in 2020.
A Bank of Ghana Payment Systems Oversight Annual Report, 2020, indicated that strong quarterly growth was experienced throughout the year with the strongest growth achieved in the third quarter of 2020 across all the key mobile money indicators.
The report said float account balances went up consistently on monthly basis throughout the year with major growth of 23.8 per cent and 25 per cent achieved in the second quarter and the fourth quarter.
The average balance per account holder increased by 6 per cent monthly from GH¢ 112 in January to GHC 179.45 to end 2020.
The growth in transactional and float activity was bolstered by an 18.56 per cent year-on-year growth of active mobile money customers from 14.46 million active customers in 2019 to 17.14million in 2020.
In 2020, the account of active agents that provided electronic money agency services to customers also increased by 45.09 per cent from 226,298 in 2019 to 328,329 in 2020.