Data from the Bank of Ghana reveals a notable rise in mobile money transactions, highlighting the increasing adoption of digital financial services across the country. The total number of mobile money transactions surged from 705 million in September 2024 to 728 million in October 2024, reflecting a significant increase within just one month.
This trend underscores the growing reliance on mobile money as a convenient and efficient means of conducting financial transactions.
Accompanying this increase in transaction volume was a corresponding rise in the total value of mobile money transactions, which grew from GHS 284.9 billion to GHS 298.6 billion during the same period. This upward trajectory indicates not only an increase in the frequency of transactions but also a higher value of transactions being conducted through mobile money platforms. However, it is noteworthy that the balance of float—the amount of money held in mobile money accounts—declined from GHS 25.1 billion to GHS 24.2 billion during the review period, suggesting a shift in how users are managing their mobile money accounts.
The increase in mobile money usage in October 2024 can be attributed to several factors, including positive shifts in market dynamics and a growing awareness of the convenience offered by digital financial services. This trend is particularly significant given the ongoing economic and regulatory challenges, such as calls for the scrapping or reduction of the electronic levy (E-levy) rate, which has been a contentious issue among stakeholders in the financial sector.
Mobile money interoperability also saw positive developments, with the total transaction value rising from GHS 2.5 billion to GHS 2.8 billion. The total number of interoperability transactions increased from 18.5 million to 19 million, demonstrating the expanding reach and acceptance of mobile money services across different platforms. Furthermore, the transaction value of cheques cleared through mobile money grew from GHS 32.8 billion to GHS 38 billion, with the number of such transactions rising from 452,000 to 506,000. This growth indicates that consumers are increasingly using mobile money services for a broader range of financial transactions, further integrating these services into their daily financial activities.
The report also highlights a steady increase in the number of registered and active mobile money accounts. The number of registered accounts rose from 71.2 million to 71.9 million, while active accounts saw a slight increase from 23 million to 23.3 million. This growth suggests that more individuals are not only signing up for mobile money services but are also actively using them for transactions.
On the business side, the data reveals mixed results regarding mobile money agents. While the number of registered mobile money agents grew by 5,000 in one month—from 867,000 to 872,000—there was a decline in the number of active agents, which dropped from 456,000 to 404,000. This decline in active agents raises concerns about the sustainability of mobile money businesses and the ongoing challenges agents face in operating profitably in a competitive market.
Additionally, the report outlines the performance of direct debit transactions through the Automated Clearing House (ACH). The total transaction value for direct debit increased from GHS 250.2 million to GHS 327.6 million, with the number of transactions rising from 53,000 to 84,000. This growth reflects an increasing acceptance of direct debit as a reliable payment method among consumers and businesses alike.
In terms of direct credit ACH transactions, the transaction value grew from GHS 10.3 billion to GHS 11.7 billion, and the total number of transactions increased from 785,000 to 874,000. These figures highlight the ongoing shift towards digital payment solutions, as more individuals and businesses leverage technology to facilitate transactions efficiently.
Overall, the increase in mobile money transactions and the growth in associated values point to a broader trend of digital financial services becoming an integral part of Ghana’s economy. The positive shifts in user engagement and transaction volume indicate that more Ghanaians are recognizing the benefits of mobile money, not just for convenience but also for managing their finances in a digital-first world.
Despite the positive growth trajectory, challenges remain. The decline in the balance of float and the drop in active mobile money agents suggest that there are underlying issues that need to be addressed to sustain this growth. Additionally, the regulatory landscape, particularly concerning the E-levy, continues to be a critical factor that could influence future mobile money adoption and usage.
In conclusion, the data from the Bank of Ghana demonstrates a significant rise in mobile money transactions, with increased activity in various aspects of the digital financial ecosystem. As mobile money continues to evolve, it is crucial for stakeholders to collaborate in addressing the challenges facing the sector while leveraging the opportunities presented by the growing digital economy. The trajectory of mobile money adoption in Ghana is promising, and with continued innovation and regulatory support, it has the potential to transform the financial landscape of the country, making financial services more accessible and efficient for all Ghanaians.
