As a result of the COVID-19 pandemic, customers  of  digital  payment  channels  actively  used  their  accounts, while  dormant  accounts  were  activated  and  new  customers  were on-boarded. 

“This  shows  that  the  pandemic  injected  some  vigour into  the  digital  payments  space  and  pulled  households  and  firms into the  financial  technology  space”, Governor of the Bank of Ghana, Dr Ernest Addison said at the 21st Annual Bankers Week Dinner of the Chartered Institute of Bankers on Saturday, 11 December 2021.

He said currently,  “there  are  more  than  nineteen  million  (19,000,000) active  mobile  money  accounts  driving  the  digital  financial  services industry.  Prior  to  the  pandemic,  this  number  was  14.4  million”.

Similarly,  he noted that “mobile  money  interoperability  continued  to  show  strong growth  of  about  365  per cent  in  transaction  volumes  and  651  per cent in  transaction  values  between  2019  and  2020”. 

“These  trends  point to  increased  consumer  confidence  and  preference  for  digital payment  options  in  the  economy”, he observed, adding: “Collectively, therefore, we, as stakeholders,  must  leverage   these  positive  headwinds  to  develop and  implement  digital  strategies  to  spur  growth  in  the  digital financial services sector”.   

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