Mobile money transactions in Ghana have seen a significant increase, with the number of transactions rising from 705 million in September 2024 to 728 million in October 2024, according to the latest data from the Bank of Ghana (BoG).
This surge in transactions has been accompanied by a corresponding rise in the total value of mobile money transactions, which grew from GHS 284.9 billion to GHS 298.6 billion. However, the balance of float, or the amount of money held in mobile money accounts, saw a slight decline, dropping from GHS 25.1 billion to GHS 24.2 billion during the same period.
The increase in mobile money usage in October 2024 is attributed to favourable shifts in market conditions, despite ongoing challenges related to the economy and regulatory concerns, including debates over the E-levy rate.
Mobile money interoperability also saw growth, with transaction values rising from GHS 2.5 billion to GHS 2.8 billion, and the number of interoperability transactions increasing from 18.5 million to 19 million. Additionally, the transaction value of cheques cleared through mobile money grew from GHS 32.8 billion to GHS 38 billion, with the number of such transactions rising from 452,000 to 506,000.
The number of registered mobile money accounts increased from 71.2 million to 71.9 million, while the number of active accounts grew slightly from 23 million to 23.3 million. However, the number of active mobile money agents declined, dropping from 456,000 to 404,000, despite a rise in the total number of registered agents from 867,000 to 872,000.
Other areas of mobile money activity also showed growth. The total transaction value for direct debit through the Automated Clearing House (ACH) 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 ACH transactions also saw an increase, with the transaction value growing from GHS 10.3 billion to GHS 11.7 billion and the total number of transactions rising from 785,000 to 874,000.
Source:TheDotNews