Ghana’s digital financial landscape is witnessing an unprecedented boom, with online banking transactions surging by 164% over the past year. According to the latest figures from the Bank of Ghana’s Summary of Economic and Financial Data for March 2025, a combination of policy reforms and rapid internet adoption is driving a transformation in how Ghanaians manage their finances.
Recent data reveals that the value of online banking transactions leaped from GHC 10.9 billion in February 2024 to an impressive 28.8 billion GHC in February 2025. Alongside this, the volume of transactions saw a robust increase of 45.4%, climbing from 1.71 million to 2.49 million transactions during the same period, underscoring a growing trust and reliance on digital platforms among Ghanaians.
While online banking is rapidly gaining momentum, mobile money continues to dominate the digital payment arena. Its transaction value grew by 61.5%, expanding from GHC 195.8 billion to GHC 316.2 billion. However, a noted decline in active mobile money agents, from 616,000 to 411,000—suggests that the sector is experiencing a phase of consolidation. The sector also shows a total of 74 million registered mobile money accounts, with only 24 million of these actively used, leaving a gap of 50 million inactive accounts.
Not to be outdone, the GhIPSS Instant Pay system also has experienced a phenomenal surge, with transaction values nearly tripling from GHC14.3 trillion to GHC 47.5 trillion. This remarkable growth highlights the increasing adoption of real-time payment solutions, including Ghana at the forefront of digital payment innovation.
Several moves have fueled this digital revolution; The Bank of Ghana’s innovative Cash Reserve Ratio (CRR) policy, has injected much-needed liquidity into the banking sector, encouraging investments in digital infrastructure. A steady increase in debit card issuance, rising from 6.1 million to 6.5 million, has further supported the accessibility of online transactions.
Again, the successful launch of post-Domestic Debt Exchange Programme (DDEP) bonds has stabilized market sentiments, fostering a conducive environment for digital financial services.
The data indicates that some aspects of Ghana’s digital finance ecosystem is maturing rapidly. The next frontier could be encouraging and ensuring rural inclusivity and resilience to sustain this momentum.
Challenges however remain, such as a shrinking network of mobile money agents and stagnant growth in niche products like E-zwich cites areas that require strategic attention.
The surge in digital transactions coincides with broader economic trends. Inflation has moderated slightly, dropping to 23.1% in February 2025 from 25.8% in the previous year, while private sector credit saw nominal growth of 26.9%. These developments indicate that Ghana’s digital payment revolution is not only modernizing financial services but also contributing positively to the nation’s economic stability.
