The latest data from the Bank of Ghana (BoG) underscores the rapid growth of mobile money transactions, reflecting the increasing embrace of digital financial services in the country.
Between September and October 2024, mobile money transactions saw a notable increase, with the total number rising from 705 million to 728 million. This surge was accompanied by a rise in the transaction value, which jumped from GH¢284.9 billion to GH¢298.6 billion.
However, there was a slight decrease in the mobile money float balance, from GH¢25.1 billion to GH¢24.2 billion, suggesting that while more transactions are taking place, the overall funds held in accounts are slightly lower.
Despite ongoing economic and regulatory challenges, including debates surrounding the E-levy, the mobile money sector showed resilience.
The value of mobile money interoperability transactions increased from GH¢2.5 billion to GH¢2.8 billion, with the number of such transactions growing from 18.5 million to 19 million.
Similarly, the value of cheques cleared via mobile money also rose from GH¢32.8 billion to GH¢38 billion, with the number of cleared transactions increasing from 452,000 to 506,000.
The number of registered mobile money accounts also continued to grow, rising from 71.2 million to 71.9 million, though the number of active accounts saw only a slight increase from 23 million to 23.3 million.
On the business front, there was a notable rise in the number of registered agents, which increased by 5,000 to 872,000. However, active agents experienced a significant decline, falling from 456,000 to 404,000.
Furthermore, the Automated Clearing House (ACH) services saw growth in both direct debit and direct credit transactions.
The total value of direct debit transactions rose from GH¢250.2 million to GH¢327.6 million, with the number of such transactions increasing from 53,000 to 84,000. Direct credit transactions also grew, with the value increasing from GH¢10.3 billion to GH¢11.7 billion, and the number of transactions rising from 785,000 to 874,000.
