Dr. Ernest Addison, BoG Governor
Mobile money transactions in the country reached a record high of 728 million in October 2024, with a total value of GH¢298.6 billion, according to the latest data from the Bank of Ghana (BoG).
The figures represent a significant increase from the previous month, when 705 million transactions were recorded at a value of GH¢284.9 billion.
The surge points to the growing adoption of digital financial services across the country, despite ongoing economic challenges and debates over the E-levy.
However, the mobile money float balance, representing funds held in accounts, declined slightly during the same period, dropping from GH¢25.1 billion in September to GH¢24.2 billion in October.
Interoperability Growth
The value of mobile money interoperability transactions also rose, climbing from GH¢2.5 billion to GH¢2.8 billion, while the number of such transactions increased from 18.5 million to 19 million.
Similarly, the value of cheques cleared through mobile money grew from GH¢32.8 billion to GH¢38 billion, with cleared transactions rising from 452,000 to 506,000.
Account Registrations
The number of registered mobile money accounts also grew from 71.2 million in September to 71.9 million in October. Active accounts showed a modest increase, rising from 23 million to 23.3 million.
On the business side, the number of registered mobile money agents increased by 5,000, reaching 872,000.
However, active agents dropped significantly, falling from 456,000 to 404,000, reflecting challenges in sustaining agent participation.
ACH Services
Automated Clearing House (ACH) services also recorded strong growth.
Direct debit transactions under ACH rose in value from GH¢250.2 million to GH¢327.6 million, with the number of transactions increasing from 53,000 to 84,000.
Direct credit ACH transactions followed suit, with their total value rising from GH¢10.3 billion to GH¢11.7 billion and transaction volumes growing from 785,000 to 874,000.
Growing Digital Economy
The increase in mobile money transactions underscores the transformation of the country’s financial landscape, as more individuals and businesses turn to digital platforms for their financial needs.
Economic analysts believe that sustained growth in this sector could bolster financial inclusion and enhance economic resilience, even amid challenging conditions.
The BoG said it would continue to monitor and support the digital financial ecosystem, aiming to ensure its stability and contribution to the broader economy.
By Ernest Kofi Adu