Rise in MoMo transactions reflects growing digital financial adoption in Ghana
Recent data from the Bank of Ghana (BoG) shows a notable increase in mobile money transactions, highlighting the growing acceptance of digital financial services across the country.
Between September and October 2024, the total number of mobile money transactions rose from 705 million to 728 million, accompanied by a rise in transaction value from GH¢284.9 billion to GH¢298.6 billion.
However, the mobile money float balance, representing funds held in accounts, slightly decreased from GH¢25.1 billion to GH¢24.2 billion during the same period. Despite this, the growth in mobile money activity signals significant shifts in market conditions, even amid ongoing economic and regulatory challenges such as debates surrounding the E-levy.
Mobile money interoperability transactions also saw an uptick, with their value increasing from GH¢2.5 billion to GH¢2.8 billion and the number of transactions rising from 18.5 million to 19 million. The value of cheques cleared via mobile money also grew from GH¢32.8 billion to GH¢38 billion, with the number of transactions rising from 452,000 to 506,000.
The total number of registered mobile money accounts rose from 71.2 million to 71.9 million, while active accounts saw a modest increase from 23 million to 23.3 million.
On the business side, the number of registered agents grew by 5,000 to reach 872,000. However, active agents declined significantly, dropping from 456,000 to 404,000.
Additionally, Automated Clearing House (ACH) services recorded growth. The total value of direct debit ACH transactions increased from GH¢250.2 million to GH¢327.6 million, with the number of transactions rising from 53,000 to 84,000. Direct credit ACH transactions also saw an increase in value, from GH¢10.3 billion to GH¢11.7 billion, and in the number of transactions, from 785,000 to 874,000. The data underscores the continued expansion of mobile money services in Ghana, despite challenges in the broader economic and regulatory landscape.
