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Els MBN360 News
Ghana’s mobile money transactions have reached a record high of GH¢3.01 trillion in 2024, representing a 56.8% increase from GH¢1.92 trillion in 2023. This significant growth underscores the country’s growing reliance on digital payments for everyday transactions.
According to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report, the surge in mobile money transactions is driven by the increasing use of mobile money for frequent, low-value payments. The average transaction value rose to GH¢372 in 2024, a 32.3% increase from GH¢281 in 2023.
The report also highlights the growth of internet and mobile banking services, with transaction values increasing by 114.9% and 105.2%, respectively. Agent-to-agent transactions dominate the mobile money landscape, accounting for 34.8% of total transactions, followed by third-party transfers (15.4%) and cash-out withdrawals (10.9%).
The Bank of Ghana attributes the growth to the introduction of new digital banking services and rising customer demand. The central bank has also approved 14 inbound remittance services in 2024, a 100% increase from 2023, further boosting the digital payment ecosystem.
In addition, the Bank of Ghana approved new payment card services and allowed one financial institution to offer basic banking services through WhatsApp, as financial institutions continue to use digital platforms to improve access to banking in Ghana.
