Data from the Bank of Ghana reveals a sharp increase in mobile money transactions, signaling the growing adoption of digital financial services nationwide.
The total number of transactions rose from 705 million in September 2024 to 728 million in October 2024, while the value of transactions climbed from GH₵284.9 billion to GH₵298.6 billion during the same period.
However, the balance of float in mobile money accounts decreased slightly, from GH₵25.1 billion to GH₵24.2 billion.
Interoperability transactions also saw growth, with their total value rising from GH₵2.5 billion to GH₵2.8 billion and the number of transactions increasing from 18.5 million to 19 million.
Additionally, cheque clearing through mobile money experienced significant growth, with transaction values increasing from GH₵32.8 billion to GH₵38 billion, alongside a rise in the number of transactions from 452,000 to 506,000.
Despite challenges such as calls for a reduction in the E-levy, the increased usage of mobile money reflects a positive shift in market dynamics and the continued expansion of digital payment systems in Ghana.
Meanwhile, the period also saw an increase in registered and active mobile money accounts. The number of registered accounts rose from 71.2 million to 71.9 million, while active accounts slightly increased from 23 million to 23.3 million. On the business side, while the number of registered Momo agents grew by 5,000 in one month — from 867,000 to 872,000 — the number of active agents declined from 456,000 to 404,000.
According to the report, the total transaction value under direct debit through the Automated Clearing House (ACH) increased from GHS 250.2 million to GHS 327.6 million, with the number of transactions rising from 53,000 to 84,000.
Meanwhile, in terms of direct credit ACH transactions, the transaction value grew from GHS 10.3 billion to GHS 11.7 billion, and the total number of transactions increased from 785,000 to 874,000.
