The Bank of Ghana (BoG) has given the go ahead to mobile money operators for all of them to pay interest on the mobile money float on September 11, 2016.
The first quarter of 2016 interest payment is, therefore, on September 11, 2016 and second quarter payment is due on September 18, 2016.
Total interest accrued on the float as of June 2016 was Ȼ15.19 million.
The mobile money subscribers are entitled to at least Ȼ12.15 million, representing 80% of the total float balances that will be distributed to mobile money subscribers in line with Paragraph 10 (5) of the E-Money Issuers Guidelines (2015).
Total mobile money float balance at the end of June 2016 stood at Ȼ679.2 million compared to Ȼ341.3 million in 2015, according to Bank of Ghana data.
During the same period, total number of registered mobile money agents increased to 108,531, compared to about 38,400 in June 2015.
The penetration of mobile money in the country has seen an astronomical rise for the fourth year running, with last year’s value of transaction reaching È»35.4 billion, an increment of more than 216% over the previous year.
In 2014, the three telecom operators (Airtel, Tigo and MTN) engaged in mobile money were able to do transactions worth about Ȼ11.2 billion across the country.
Last year’s transactional value was recorded on the back of more than 260 million transactions.
The value of mobile money transactions when put into perspective is just Ȼ5.85 billion shy of the total deposit liabilities of the 29 banks as at the end of last year, a figure that is likely to be surpassed by the mobile operators this year.
The surge in mobile money usage shows the vital role telecom companies are playing to advance the central bank’s cashlite economy agenda and also ensure that the push for more financial inclusion is brought into the hands of millions of Ghanaians.
Latest Stories
-
West Ham confirm Graham Potter as new manager
18 minutes -
The nation’s greatest enemy is gone – Kumchacha says of Akufo-Addo
22 minutes -
Ghana is 2nd most indebted African country to IMF in terms of Concessional Lending
27 minutes -
Today’s Front pages :Thursday, January 9,2025
27 minutes -
Traders at Kumasi’s Race Course Market grapple with rising armed attacks
29 minutes -
NPP Electoral Area Coordinators call for suspension of Kpando Constituency Executives
34 minutes -
Kpando MP, Sebastian Deh calls for collective efforts toward developing the constituency
43 minutes -
Musah Superior writes: We will hold Mahama to his campaign promises
48 minutes -
Ghana’s First Female Vice President: A Trailblazer in Leadership and Inspiration
1 hour -
Mahama will appoint new MMDCEs in 14 days – Ashie Moore discloses
1 hour -
Joe Biden says he could have defeated Donald Trump
1 hour -
“This is Your Moment in History, My Dear Friend’s Wife” Part 3
1 hour -
The Days of My Years Here on Earth: Three Score and Ten (Naabe @ Seventy)
2 hours -
Over 30 heads of states, prime ministers graced Mahama’s inauguration
2 hours -
Armah-Kofi Buah lauds Mahama on historic ascension to presidency
2 hours