Mobile Money Transactions Hit Record GH¢2.368 Trillion in 2024

In a remarkable surge, the total value of mobile money transactions in Ghana has reached a record GH¢2.368 trillion in the first ten months of 2024, according to data from the Bank of Ghana.

This is a significant increase from GH¢1.367 trillion during the same period last year, highlighting the growing role of mobile money in the country’s economy.

The impressive growth in mobile money transactions, up by more than 70%, demonstrates the increasing adoption of digital financial services, especially as the country continues to push for greater financial inclusion.

As of October 2024, the mobile money ecosystem has experienced a consistent upward trend, with notable monthly spikes.

For example, October alone recorded GH¢298.6 billion in transactions, continuing the upward trajectory seen since the start of the year.

In January 2024, mobile money transactions stood at GH¢198.4 billion but experienced slight fluctuations in the early months.

February and March saw slight declines, reaching GH¢195.8 billion and GH¢181.9 billion, respectively.

However, by April, the numbers began to rise again, reaching GH¢203 billion, and this increase continued throughout the year.

The peak in October shows a dramatic surge from the GH¢179.2 billion in September.

The growth in mobile money has opened up new opportunities for financial inclusion, especially in rural and underserved areas.

With 71.9 million registered mobile money accounts as of October 2024, Ghana’s mobile money infrastructure is robust.

However, the number of active accounts is slightly lower, standing at 23.3 million.

While the surge in mobile money transactions is impressive, it has raised questions about the impact of the Electronic Transaction Levy (E-Levy), as the country has not been able to generate as much revenue from the tax as expected.

Despite the massive transaction volumes, the E-Levy’s contribution to government revenue has not been proportional to the growth in mobile money activity.

The Bank of Ghana’s data highlights the enormous potential of mobile money as a tool for economic growth and financial inclusion in Ghana.

Moving forward, experts believe that continued improvements in mobile money infrastructure and the easing of regulatory challenges could further drive the digital economy, benefiting both businesses and individuals across the country.