The value of mobile money (MoMo) transactions in Ghana surged to GH₵298.6 billion in October 2024, reflecting an increase in consumer and business reliance on digital payment platforms, according to recent data from the Bank of Ghana (BoG). This marks a 4.8% growth from September’s GH₵284.9 billion, accompanied by a 3.3% rise in transaction volumes, which climbed from 705 million to 728 million.
Despite this growth, the mobile money float—representing total funds in MoMo accounts—declined from GH₵25.1 billion in September to GH₵24.2 billion in October. Analysts attribute this dip to potential shifts in user behavior, such as increased withdrawals or higher transaction activity.
The interoperability of mobile money services, enabling transactions across different platforms, also showed strong performance. Transaction volumes grew from 18.5 million to 19 million, while their value increased from GH₵2.5 billion to GH₵2.8 billion. Cheque-clearing activities via MoMo platforms also surged, with transaction values jumping from GH₵32.8 billion to GHS 38 billion.
The number of registered mobile money accounts rose marginally from 71.2 million in September to 71.9 million in October, while active accounts increased from 23 million to 23.3 million. MoMo agents also saw growth in registrations, adding 5,000 to reach a total of 872,000 in October. However, the number of active agents dropped sharply from 456,000 to 404,000.
Beyond mobile money, the Automated Clearing House (ACH) system demonstrated significant growth. Direct debit transactions grew in value from GH₵250.2 million to GH₵327.6 million, with transaction volumes increasing from 53,000 to 84,000. Similarly, direct credit transactions experienced growth, with their value rising from GH₵10.3 billion to GH₵11.7 billion and the volume increasing from 785,000 to 874,000.
The continued rise in MoMo transactions underscores Ghana’s advancing digital finance ecosystem, bolstered by consumer trust and a widening range of services. However, the reduction in active MoMo agents points to potential challenges in maintaining agent engagement, an area industry stakeholders may need to address as digital payment systems mature further.
