The Bank of Ghana has released data indicating that mobile money transactions reached a record high of GH¢3.019 trillion in 2024, representing a 57.90% year-on-year growth.
This significant increase underscores the growing importance of mobile financial services in Ghana.
In comparison, the total value of mobile money transactions in 2023 was GH¢1.912 trillion. The data also reveals that the first eight months of 2024 saw GH¢1.775 trillion in mobile money transactions, with a notable surge to GH¢2.368 trillion by October 2024.
A breakdown of the monthly transactions shows a steady increase throughout 2024, with GH¢198.4 billion in January, GH¢195.8 billion in February, and a peak of GH¢334.8 billion in December.
The significant growth in mobile money transactions presents an opportunity for Ghana to further deepen its financial inclusion. However, it also raises concerns about the country’s ability to generate revenue from the Electronic Transaction Levy (E-Levy).
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