Over the years, Mrs Addo Awadzi noted, “electronic money (famously called mobile money) has emerged and grown exponentially not only in Ghana but in West Africa and across the entire region, paving the way for a wide variety of digital financial services including digital savings, credit, investment, microinsurance, informal sector pension products, and inward international remittance, bill payments, merchant payments, health care, and government social interventions including COVID-19 relief cash transfers”.
Today, she added, “there are some 17.5 million active mobile money accounts in Ghana with GH¢ 571.8 billion (USD 99.67 billion) in mobile money transactions in 2020 alone, representing 84% growth from the value recorded in 2019, made possible with the help of some 344,000 active mobile money agents as of December 2020”.