Ghana’s Mobile Money Transactions Surge to 224 Billion Cedis, Signaling Digital Finance Boom
Ghana’s mobile money sector has witnessed a remarkable surge in transaction values, underscoring the country’s rapid transition to digital financial services.
According to the latest data from the Bank of Ghana, the total value of mobile money transactions reached a staggering 224.0 billion cedis in June 2024, marking a dramatic increase from 149.4 billion cedis recorded in June 2023.
This nearly 50% year-on-year growth in transaction value highlights the increasing significance of mobile money in Ghana’s financial ecosystem. The surge is particularly noteworthy given the country’s ongoing economic challenges, including high inflation and currency depreciation.
The explosive growth in mobile money transaction values reflects a fundamental shift in how Ghanaians conduct financial transactions. Mobile money is no longer just a convenient option; it’s becoming the preferred method of transaction for many individuals and businesses NorvanReports has learnt speaking to Fintech’s leaders.
The data reveals that while the number of transactions grew from 532 million in June 2023 to 644 million in June 2024, a 21% increase, the value of these transactions grew at more than double that rate. This suggests a trend towards higher-value transactions being conducted via mobile money platforms.
The surge in transaction values has also caught the attention of traditional financial institutions. Several banks have reported increased collaboration with mobile money operators, viewing the platforms as complementary rather than competitive to their services.
However, the rapid growth also raises regulatory concerns. The Bank of Ghana has been working to strengthen oversight of the mobile money sector, balancing the need to foster innovation with ensuring financial stability and consumer protection.
“As transaction values grow, so does the systemic importance of mobile money platforms,” a financial regulation expert said. “The central bank will need to ensure that appropriate safeguards are in place to protect users and the broader financial system as scammers work hard to defraud users.”
The growth in mobile money transaction values is part of a broader trend of digitization in Ghana’s economy. The Bank of Ghana’s data also shows significant increases in other digital payment channels, including Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay, which saw transaction values rise to 25.2 billion cedis in June 2024 from 8.3 billion cedis a year earlier.
As Ghana continues to position itself as a leader in digital financial services in West Africa, the mobile money sector’s explosive growth in transaction values serves as a clear indicator of the country’s digital finance trajectory.
With the African Continental Free Trade Area (AfCFTA) secretariat headquartered in Accra, industry observers are keenly watching to see how Ghana’s mobile money success might influence digital finance adoption across the continent.
