Value of MoMo Transactions Surge to GHS 298.6 Billion in October 2024
Data from the Bank of Ghana (BoG) indicates a marked rise in mobile money (MoMo) transactions, signaling the deepening adoption of digital financial services nationwide.
Mobile money transactions rose from 705 million in September 2024 to 728 million in October 2024, representing a monthly surge of 3.3%. Correspondingly, the total value of transactions climbed from GHS 284.9 billion to GHS 298.6 billion, underscoring increased consumer and business reliance on MoMo platforms.
However, the mobile money float — the total funds held in MoMo accounts — dipped during the period, declining from GHS 25.1 billion to GHS 24.2 billion. This could reflect shifts in user behavior, such as higher transaction volumes or withdrawals.
The growth in MoMo usage comes against a backdrop of economic pressures and debates over the controversial E-Levy. Industry observers credit the increase to improvements in market dynamics, including growing consumer trust in mobile money platforms and the expanding ecosystem of services.
Mobile money interoperability — enabling transactions across different service providers — also recorded gains. The total value of interoperability transactions rose from GHS 2.5 billion to GHS 2.8 billion, with transaction volumes increasing from 18.5 million to 19 million.
Cheque-clearing activities via mobile money also showed strong performance, with transaction values jumping from GHS 32.8 billion to GHS 38 billion and the number of transactions increasing from 452,000 to 506,000.
The number of registered mobile money accounts rose slightly from 71.2 million to 71.9 million, while active accounts grew modestly from 23 million to 23.3 million. On the agent side, registered MoMo agents increased by 5,000, reaching 872,000 in October. However, the number of active agents fell sharply, declining from 456,000 to 404,000.
Beyond mobile money, the Automated Clearing House (ACH) system registered significant growth. Direct debit transaction values rose from GHS 250.2 million to GHS 327.6 million, with the number of transactions increasing from 53,000 to 84,000.
Direct credit transactions also grew, with their total value rising from GHS 10.3 billion to GHS 11.7 billion, and the volume of transactions increasing from 785,000 to 874,000.
The BoG data reflects a maturing digital payment ecosystem in Ghana, bolstered by rising consumer engagement and evolving financial technology.
