Mobile Money Transactions Reach Record GH¢3.02 Trillion in 2024 – BoG Report
Record Mobile Money Growth Signals Financial Inclusion Opportunities Despite E-Levy Challenges
- According to the Bank of Ghana (BoG), mobile money transactions in 2024 reached a record-breaking GH¢3.02 trillion
- This surge in mobile money transactions presents a significant opportunity for the country
- From July onwards, mobile money activity surged consistently
According to the Bank of Ghana (BoG), mobile money transactions in 2024 reached a record-breaking GH¢3.02 trillion, marking an impressive 57.9% increase from the previous year.
In 2023, the total value of mobile money transactions was GH¢1.91 trillion, highlighting the rapid growth of the sector.
This surge in mobile money transactions presents a significant opportunity for the country to enhance financial inclusion.
Despite this remarkable growth, concerns remain about the country’s limited revenue generation from the Electronic Transaction Levy (E-levy).
BoG data indicates that for the first eight months of 2024, mobile money transactions totaled GH¢1.78 trillion. This figure rose to GH¢2.37 trillion by October 2024.
A closer look at the monthly breakdown shows that mobile money transactions in January 2024 stood at GH¢198.4 billion, though it dipped slightly to GH¢195.8 billion in February.
The figure fell further to GH¢181.9 billion in March but rebounded to GH¢203 billion in April. May saw another increase to GH¢234.3 billion, followed by a slight drop to GH¢224 billion in June.
From July onwards, mobile money activity surged consistently, with transactions reaching GH¢264.9 billion in July, GH¢273.6 billion in August, and GH¢284.9 billion in September.
By October, the value of mobile money transactions hit GH¢298.6 billion, continuing its upward trend with GH¢316.4 billion in November and GH¢334.8 billion in December 2024.
From July onwards, mobile money activity surged consistently, with transactions reaching GH¢264.9 billion in July, GH¢273.6 billion in August, and GH¢284.9 billion in September.
By October, the value of mobile money transactions hit GH¢298.6 billion, continuing its upward trend with GH¢316.4 billion in November and GH¢334.8 billion in December 2024.
