Data from the Bank of Ghana shows a significant increase in mobile money (MoMo) transactions, reflecting the growing embrace of digital financial services nationwide.
The total number of MoMo transactions rose from 705 million in September 2024 to 728 million in October 2024, with the total transaction value surging from GHS 284.9 billion to GHS 298.6 billion. However, the float balance — money held in mobile money accounts — saw a slight decline from GHS 25.1 billion to GHS 24.2 billion during the same period.
This increase in mobile money activity is attributed to favorable market dynamics, despite ongoing economic challenges and persistent calls to review the E-levy rate.
Growth in Interoperability Transactions
Mobile money interoperability also experienced notable growth, with the total transaction value rising from GHS 2.5 billion in September to GHS 2.8 billion in October. The number of interoperability transactions increased slightly, from 18.5 million to 19 million.
Additionally, cheque transactions cleared through mobile money grew substantially, with transaction values jumping from GHS 32.8 billion to GHS 38 billion, and the number of such transactions increasing from 452,000 to 506,000.
Account and Agent Trends
The number of registered mobile money accounts increased from 71.2 million to 71.9 million, while active accounts saw a modest rise from 23 million to 23.3 million.
On the business side, the number of registered MoMo agents grew by 5,000 within a month, climbing from 867,000 to 872,000. However, the number of active agents dropped significantly, falling from 456,000 to 404,000.
ACH Direct Debit and Credit Transactions
Automated Clearing House (ACH) transactions also saw considerable growth. Direct debit transactions increased from GHS 250.2 million in September to GHS 327.6 million in October, with the number of transactions rising from 53,000 to 84,000.
Direct credit ACH transactions followed a similar trend, with transaction values growing from GHS 10.3 billion to GHS 11.7 billion. The total number of transactions rose from 785,000 to 874,000.
This report underscores the accelerating adoption of digital financial services in Ghana, marking a positive trend for the nation’s financial ecosystem.
