Mobile Money Transactions Hit GH¢3.01 Trillion as Digital Payments Surge – BoG Report
By Praisebell Rosemond Larbi
The total value of mobile money transactions in Ghana rose sharply to GH¢3.01 trillion in 2024, underscoring the country’s deepening shift towards digital payments, according to the Bank of Ghana’s (BoG) 2024 Payment Systems Oversight Annual Report.
The figure represents a significant 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023, highlighting the growing reliance of households and businesses on mobile money platforms for everyday financial transactions.
The central bank noted that the composition of mobile money transaction values remained largely consistent with trends observed in previous years. Agent-to-agent transactions continued to dominate, accounting for 34.8 per cent of the total transaction value. This was followed by third-party transfers, which made up 15.4 per cent.
Cash-out withdrawals represented 10.9 per cent of total transaction value, while cash-in transactions accounted for 9.9 per cent. Bank-to-wallet transfers contributed 7.0 per cent, reflecting the increasing integration between traditional banking systems and mobile money platforms.
Transaction volumes also recorded robust growth. Total mobile money transaction volumes increased by 18.9 per cent to 8.1 billion transactions in 2024, up from 6.8 billion transactions in 2023. The Bank of Ghana attributed this growth to the increasing use of mobile money for frequent, low-value payments across the economy.
In line with the rise in transaction values, the average mobile money transaction value climbed to GH¢372 in 2024, representing a 32.3 per cent increase from the GH¢281 average recorded in 2023.
Data released by the central bank indicate that the strong momentum has continued into 2025. Between January and October 2025, mobile money transactions reached a cumulative value of GH¢3.6 trillion, according to figures published in the Bank of Ghana’s latest Economic and Financial Data following the recent Monetary Policy Committee meeting.
The report shows sustained month-on-month growth, with transaction values rising from GH¢406 billion in September to GH¢436 billion in October 2025. By comparison, total mobile money transactions for the January to October period in 2024 amounted to GH¢2.368 trillion, while the same period in 2023 recorded GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions stood at GH¢1.775 trillion.
Beyond mobile money, the report also highlighted strong expansion in other digital payment channels. The total value of internet banking transactions more than doubled, increasing by 114.9 per cent to GH¢212 billion in 2024 from GH¢98.9 billion in 2023. Transaction volumes rose by 93.0 per cent to 26.06 million from 13.50 million over the same period.
Mobile banking transactions recorded similar growth, with total transaction value rising to GH¢165 billion in 2024 from GH¢80.4 billion in 2023. Transaction volumes more than doubled to 154.29 million from 66.94 million. Average daily transaction volumes also surged, with internet banking rising by 93.0 per cent to 71,407 and mobile banking jumping by 130.5 per cent to 422,710.
The Bank of Ghana attributed the growth in internet and mobile banking to the introduction of new digital banking services by some banks in 2024, alongside rising customer demand for convenient and accessible financial services.
Inbound remittance services also expanded markedly. The central bank approved 14 inbound remittance services in 2024, doubling from seven approvals in 2023. The report described inbound remittances as a key contributor to national income, noting increased partnerships between banks and money transfer operators to credit funds directly into bank accounts and mobile money wallets via the GhIPSS Instant Pay platform and other fintech solutions.
Card-based payment services also saw growth, with the Bank of Ghana approving four new payment card services in 2024, compared to two in 2023. These included Mastercard prepaid and credit cards, a Visa card direct service, and two virtual prepaid card products.
In a further sign of digital innovation, the Bank approved one financial institution to offer basic banking services through WhatsApp, reflecting how financial service providers are increasingly leveraging social media platforms to broaden access to banking services across the country.
