Mobile Money
The total value of mobile money transactions in Ghana reached GH¢3.01 trillion in 2024, representing a 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023.
According to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report, the figure highlights the country’s growing reliance on mobile money for daily financial transactions, although transaction patterns largely remained consistent with previous years.
The data revealed that agent-to-agent transactions dominated, accounting for 34.8 percent of the total value, followed by third-party transfers, which recorded 15.4 percent.
Cash-out withdrawals accounted for 10.9 percent, cash-in transactions 9.9 percent, and bank-to-wallet transfers seven percent. Transaction volumes also rose sharply, increasing by 18.9 percent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023.
The central bank said the growth reflects the increasing use of mobile money for frequent, low-value payments, with the average transaction value rising to GH¢372 in 2024, representing a 32.3 percent increase from the GH¢281 average recorded in 2023.
The BoG data further showed that the momentum continued into 2025, with mobile money transactions reaching GH¢3.6 trillion in the first ten months of the year, covering the period from January to October.
The figures, published in the Bank’s latest Economic and Financial Data following the recent Monetary Policy Committee meeting, indicate strong month-on-month growth.
The report also recorded robust expansion in internet banking, with the total value of internet banking transactions rising by 114.9 percent to GH¢212 billion in 2024, compared to GH¢98.9 billion in 2023. Transaction volumes increased by 93.0 per cent to 26,063,456 from 13,501,492 over the same period.
Mobile banking transactions also grew significantly, with the total value rising to GH¢165 billion in 2024 from GH¢80.4 billion in 2023.
The central bank attributed the growth in internet and mobile banking to the introduction of new digital banking services by some banks in 2024, as well as rising customer demand across the sector.
The report further noted that inbound remittances remain a key contributor to national income, with banks increasingly partnering with money transfer operators to credit funds directly into bank accounts and mobile money wallets through the GhIPSS Instant Pay platform and other fintech solutions.
By Ebenezer K. Amponsah