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”.