Bank of Guyana in one of its latest reports, said there was a 59.2 percent increase in the number of Mobile Money accounts at the end of the first quarter 2023. In fact, accounts moved from a total of 39,675 to 63,166 while the value of payments increased by 27.3 percent from $1.3B to $1.6B in comparison to March 2022.
The number of merchants accepting mobile money payments also increased from 236 to 390 as at March 2023.
Furthermore, Central Bank said MMG’s e-wallet increased to $700 million from G$550 million.
Additionally, the use of the electronic VISA switch continued with the value of transactions settled through the VISA switch increasing to $1.66 billion at end of March 2023 from G$1.05 billion for the same period in year 2022, an increase of 57.2 percent.
Taking the foregoing into consideration, Central Bank said it is clear that the use of mobile payment applications and internet banking continues to grow steadily in Guyana’s emerging environment.
