Mobile Money Transactions Reach 728 Million, Valued at ¢298.6bn – BoG

The Bank of Ghana (BoG) has reported a notable increase in mobile money transactions, reflecting the growing adoption of digital financial services across the country.

Between September and October 2024, the total number of mobile money transactions rose from 705 million to 728 million. This surge also resulted in a rise in transaction value, which grew from GH¢284.9 billion to GH¢298.6 billion.

However, the mobile money float balance—funds held in accounts—saw a slight decline, decreasing from GH¢25.1 billion to GH¢24.2 billion during the same period.

The continued growth in mobile money usage reflects broader shifts in market dynamics, despite ongoing economic and regulatory challenges, such as the debates surrounding the E-levy.

Mobile money interoperability transactions also saw an increase, with the transaction value rising from GH¢2.5 billion to GH¢2.8 billion, and the number of transactions growing from 18.5 million to 19 million.

The value of cheques cleared via mobile money also grew from GH¢32.8 billion to GH¢38 billion, with the number of cleared transactions rising from 452,000 to 506,000.

The number of registered mobile money accounts increased from 71.2 million to 71.9 million, while active accounts saw a slight rise from 23 million to 23.3 million.

On the business side, the number of registered agents grew by 5,000, reaching 872,000. However, active agents experienced a significant drop, falling from 456,000 to 404,000.

Automated Clearing House (ACH) services also experienced growth. Direct debit transactions under ACH saw their total value increase from GH¢250.2 million to GH¢327.6 million, with the number of transactions rising from 53,000 to 84,000.

Likewise, direct credit ACH transactions grew, with the value increasing from GH¢10.3 billion to GH¢11.7 billion, and the number of transactions rising from 785,000 to 874,000.