Mobile Money transactions surge 56.8% to GH¢3.01 trillion in 2024

The total value of mobile money transactions in Ghana reached GH¢3.01 trillion in 2024, according to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report.

The figure represents a 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023, highlighting the country’s growing reliance on mobile money for daily financial transactions.
The Bank of Ghana said the composition of transaction values remained largely unchanged from previous years.

Agent-to-agent transactions dominated, accounting for 34.8 per cent of total value. Third-party transfers followed with 15.4 per cent.

Cash-out withdrawals accounted for 10.9 per cent, cash-in transactions 9.9 per cent, and bank-to-wallet transfers 7 per cent.
Transaction volumes also rose sharply. Total volumes increased by 18.9 per cent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023.

The central bank said the growth reflects the increasing use of mobile money for frequent, low-value payments.
The average transaction value climbed to GH¢372 in 2024, a 32.3 per cent rise from the GH¢281 average recorded in 2023.

Data released by the Bank of Ghana show that the momentum continued into 2025. In the first ten months of the year, mobile money transactions reached GH¢3.6 trillion, covering the period from January to October.
The figures were published in the Bank’s latest Economic and Financial Data following the recent Monetary Policy Committee meeting.

The report shows strong month-on-month growth. Transactions stood at GH¢406 billion in September and rose to GH¢436 billion in October.

By comparison, total mobile money transactions for the same January to October period in 2024 amounted to GH¢2.368 trillion.

In 2023, transactions for that period stood at GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions reached GH¢1.775 trillion.
The report shows strong month-on-month growth. Transactions stood at GH¢406 billion in September and rose to GH¢436 billion in October.

By comparison, total mobile money transactions for the same January to October period in 2024 amounted to GH¢2.368 trillion.

In 2023, transactions for that period stood at GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions reached GH¢1.775 trillion.
The report also recorded strong growth in internet banking. The total value of internet banking transactions rose by 114.9 per cent to GH¢212 billion in 2024, up from GH¢98.9 billion in 2023.