Mobile money transactions in Ghana have reached a significant milestone, with the total number of transactions rising to 728 million and a total value of GH¢298.6 billion, according to the latest data from the Bank of Ghana (BoG).
This reflects the growing acceptance and integration of digital financial services in the country, despite ongoing economic and regulatory challenges.
Between September and October 2024, mobile money transactions surged from 705 million to 728 million, while the total value of these transactions increased from GH¢284.9 billion to GH¢298.6 billion.
This growth highlights a shift in consumer behavior, as more people embrace mobile money services for daily transactions.
However, there was a slight dip in the mobile money float balance, which decreased from GH¢25.1 billion to GH¢24.2 billion during the same period. The float balance represents the funds held in mobile money accounts.
The Bank of Ghana also reported a rise in mobile money interoperability transactions, with the value growing from GH¢2.5 billion to GH¢2.8 billion, and the number of these transactions increasing from 18.5 million to 19 million.
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Additionally, the value of cheques cleared via mobile money increased from GH¢32.8 billion to GH¢38 billion, accompanied by a rise in the number of cleared transactions from 452,000 to 506,000.
The report also showed an increase in the number of registered mobile money accounts, which rose from 71.2 million to 71.9 million, while active accounts saw a slight increase from 23 million to 23.3 million.
On the business side, the number of registered mobile money agents grew by 5,000, reaching 872,000. However, active agents saw a notable decline, dropping from 456,000 to 404,000.
In the automated clearing house (ACH) sector, both direct debit and direct credit transactions recorded growth.
Direct debit transactions grew from GH¢250.2 million to GH¢327.6 million, with the number of transactions increasing from 53,000 to 84,000.
Similarly, direct credit transactions rose in value from GH¢10.3 billion to GH¢11.7 billion, with the number of transactions growing from 785,000 to 874,000.
Overall, the data from the Bank of Ghana highlights the continued growth and adoption of mobile money services in Ghana, despite challenges like the ongoing debates surrounding the E-levy.