Data from the Bank of Ghana (BoG) reveals a notable rise in mobile money transactions, underscoring the increasing adoption of digital financial services across the country.
Between September and October 2024, the total number of mobile money transactions grew from 705 million to 728 million, marking a significant uptick. Correspondingly, the transaction value also rose, climbing from GH¢284.9 billion to GH¢298.6 billion.
Despite this growth, the mobile money float balance—the total funds held in accounts—saw a slight decline, decreasing from GH¢25.1 billion to GH¢24.2 billion during the same period. This suggests that while transactions are increasing, there may be factors affecting the liquidity or funds held in digital wallets.
The rise in mobile money usage comes amid ongoing economic and regulatory challenges, including the controversial E-levy, which continues to impact digital financial services in the country. Nevertheless, the growth in mobile money highlights the resilience of the sector and the growing preference for digital payment options.
Mobile money interoperability transactions also saw an increase, with the value rising from GH¢2.5 billion to GH¢2.8 billion, and the number of such transactions expanding from 18.5 million to 19 million. This indicates that users are increasingly taking advantage of the ability to transfer funds seamlessly across different mobile networks.
The value of checks cleared via mobile money also grew from GH¢32.8 billion to GH¢38 billion, with the number of cleared transactions increasing from 452,000 to 506,000. This highlights mobile money’s expanding role in the financial ecosystem, particularly in facilitating payments traditionally handled through banks.
On the business side, the number of registered mobile money accounts grew from 71.2 million to 71.9 million, with active accounts rising from 23 million to 23.3 million. However, the number of registered agents increased by 5,000 to 872,000, while the number of active agents saw a significant decline, dropping from 456,000 to 404,000. This may reflect challenges faced by agents in maintaining consistent activity levels, possibly due to market dynamics or regulatory pressures.
In addition, Automated Clearing House (ACH) services recorded substantial growth. Direct debit ACH transactions increased in value from GH¢250.2 million to GH¢327.6 million, with the number of transactions rising from 53,000 to 84,000. Similarly, direct credit ACH transactions saw an increase in value from GH¢10.3 billion to GH¢11.7 billion, with the number of transactions growing from 785,000 to 874,000.
Overall, the data underscores the growing importance of mobile money in Ghana’s financial landscape, as digital payment methods continue to gain traction despite ongoing challenges.
