Mobile Banking transactions jump by 320.1% in 2017 – BoG

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The value of Internet Banking transactions showed an increase of 43.66 per cent to GH?9.74 billion in 2017 compared with the 2016 position of GH?6.78 billion.

Of this amount, the value of Mobile Banking transactions was GH?1.50 billion in 2017.
This represents a growth of 320.10 per cent compared with GH?357.38 million in 2016.
These were contained in the 2017 Payment Systems Annual Report prepared by the Bank of Ghana (BoG).
2.655% drop in internet banking customers
Despite the increase in the value of transactions, the number of registered internet banking customers declined by 2.65 percent from 962,487 in 2016 to 936,965 in 2017. 
2.97% decrease in mobile banking customers
Similarly, the number of registered mobile banking customers also decreased by 2.97 percent.
It dropped from 2,175,644 in 2016 to 2,110,984 in 2017.

5.9 million Debit Cards 
According to the report, the total number of debit cards issued by banks as at December 2017 was 5,953,484.
This represents a growth of 9.32 percent over 5,446,030 cards in circulation as at December 2016.
2.9 million are International scheme cards
Out of the total number of cards, international scheme cards amounted to 2,912,256 which constitutes 48.92 percent of the total issued debit cards.
3 million banks proprietary cards
On the other hand, banks proprietary cards numbered 3,041,228 which constitute 51.08 percent of the total issued debit cards.
The international scheme cards increased by 30.98 percent while banks proprietary cards declined by 5.63 percent.
59.47% increase in Credit Cards issued
It noted that the number of credit cards issued as of 2017 increased by 59.47 percent.
It increased from 9,217 cards in December 2016 to 14,698 cards. 
The report explained that the increase in the issued credit cards was on account of additional banks authorized by the Bank of Ghana to issue credit cards.
All the credit cards issued by the five banks were international scheme cards
46.02% increase in Prepaid Cards 
The total number of prepaid cards issued increased by 46.02 percent from 58,907 in 2016 to 86,017 at end December 2017.

By Elvis DARKO, Accra 

ABOUT: Nana Kwesi Coomson

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An Entrepreneur and Philanthropist. Editor-in-Chief of A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. He holds first degree in Bachelor of Arts from the University of Ghana; Political Science (major) and History (minor). He has also pursued MSc Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) at the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track. His mentors are Rupert Murdoch, Warren Buffet, Sam Jonah, Kwaku Sakyi Addo and Piers Morgan

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