Mobile Money adoption surges as transaction value reaches GHS 335bn

Mobile Money transactions in Ghana continued their upward trajectory with total transaction value reaching GHS 334.8 billion in December 2024.

This represents a significant rise from GHS 316.4 billion in November and underscores the growing adoption of digital financial services in the country.

The number of transactions also saw a substantial increase, climbing to 745 million in December from 709 million in November, according to data from the Bank of Ghana.

Year-on-year, the growth is even more pronounced, as December 2023 recorded a transaction value of GHS 199.3 billion with 657 million transactions.

The data highlights fluctuating but generally upward trends in 2024. Mobile money transactions dipped to 618 million in January, with a value of GHS 181.9 billion.

However, the figures rebounded in March and April, with transaction numbers rising to 631 million and 630 million, and values climbing to GHS 203 billion by April.

By mid-year, the transaction value had reached GHS 224 billion in June, while the number of transactions stood at 644 million.

The upward momentum persisted through the second half of the year, with transaction values hitting GHS 298.6 billion and transaction numbers reaching 728 million by October.

The consistent rise in mobile money transactions reflects the increasing preference for digital payments and financial inclusion in Ghana.

This growth is fuelled by advancements in mobile technology, expanding access to financial services and a growing cashless economy.

Industry analysts anticipate that the mobile money sector will continue to grow as more Ghanaians adopt digital financial platforms, bolstering efforts to modernise the country’s financial system and support economic growth.