Ghana’s mobile money landscape has seen a significant boost, with a notable increase in transactions recorded in October 2024. According to data from the Bank of Ghana, the total number of mobile money transactions rose from 705 million in September 2024 to 728 million in October 2024, representing a substantial growth within a month.
This upward trend also led to a corresponding increase in the total value of mobile money transactions, which climbed from GHS 284.9 billion to GHS 298.6 billion. Although the balance of float in mobile money accounts declined from GHS 25.1 billion to GHS 24.2 billion, the overall growth in mobile money usage is a testament to the increasing adoption of digital financial services in Ghana.
The growth in mobile money transactions can be attributed to favorable market dynamics, despite ongoing economic and regulatory challenges. Furthermore, mobile money interoperability transactions saw a significant increase, with the total transaction value rising from GHS 2.5 billion to GHS 2.8 billion.
Other notable trends include the growth in cheque clearings through mobile money, which increased from GHS 32.8 billion to GHS 38 billion, and the rise in registered and active mobile money accounts. The number of registered accounts grew from 71.2 million to 71.9 million, while active accounts increased from 23 million to 23.3 million.
The data also highlighted growth in other areas of digital financial services, including direct debit and direct credit transactions through the Automated Clearing House (ACH). The total transaction value under direct debit increased from GHS 250.2 million to GHS 327.6 million, while the transaction value of direct credit grew from GHS 10.3 billion to GHS 11.7 billion.
CNR/Ruth Abla ADJORLOLO
