Bank of Ghana Reports Significant Rise in Mobile Money Transactions

Data from the Bank of Ghana indicates a notable rise in mobile money transactions, reflecting the growing adoption of digital financial services across the country. The total number of mobile money transactions increased from 705 million in September 2024 to 728 million in October 2024, marking a significant surge within a month.

This rise also led to a corresponding increase in the total value of Momo transactions, which grew from GHS 284.9 billion to GHS 298.6 billion. However, the balance of float , the amount of money held in mobile money accounts  declined from GHS 25.1 billion to GHS 24.2 billion during the period under review.

The increase in mobile money usage in October 2024 can be attributed to positive shifts in market dynamics, despite ongoing economic and regulatory challenges, including calls for the scrapping or reduction of the E-levy rate. 

Regarding mobile money interoperability, the total transaction value rose from GHS 2.5 billion to GHS 2.8 billion. The total number of interoperability transactions also increased, from 18.5 million to 19 million. Additionally, the transaction value of cheques cleared through mobile money grew from GHS 32.8 billion to GHS 38 billion, with the number of such transactions rising from 452,000 to 506,000.

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, the number of registered Momo agents grew by 5,000 in one month — from 867,000 to 872,000 — although 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. For 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.