Digitalization has become the standard of every sphere of life in which the financial system is not left out. The emergence of mobile money usage in Ghana has received enormous patronage as a means of transferring funds, paying and receiving money with ease. Table 4.4.3 shows an increasing trend in the mobile money account. In the year 2018, active mobile account recorded 13,056,978, 14,459,352 for the year 2019 as well as 17,142,677, 17948,480 and 20,380,176 in the year 2020, 2021 and 2022 respectively. This can be credited to the ease of transferring funds, paying bills, and receiving funds as compared to the traditional means through the bank. The emergence of mobile money has also created a lot of jobs for many individuals as mobile money agents which shows an upward movement. As these people work as mobile money agents, they earn income, consume, and save more. As consumption, which is a component of GDP goes up, the economic growth which was a proxy to be GDP also increases. Also, the total value of mobile money transactions in percentage was 5.06% and 10.04% in the year 2018 and 2019 respectively and the year 2020 saw 18.32% as well as 31.77% in 2021, however, the year 2022 saw 34.81%.

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