Ghana’s mobile financial ecosystem continues to expand at an unprecedented rate, with the total value of transactions made via mobile devices soaring to GH¢3.02 trillion ($196.7 billion) in 2024. This marks a 51.76% increase from GH¢1.99 trillion ($130.53 billion) in 2023, according to data from the Bank of Ghana (BoG).
Massive Growth in Mobile Money Adoption
The aggregate volume of mobile transfers in 2024 also surged, reaching eight billion transactions, highlighting the accelerated shift toward cashless payments. Additionally, the number of registered mobile money accounts grew from GH¢65.6 million ($4.29 million) in December 2023 to GH¢73 million ($4.79 million) by the end of 2024.
What’s Driving This Growth?
✅ Rising Mobile Money Usage: Increased trust in mobile financial services has fueled widespread adoption.
✅ Improved Digital Infrastructure: Expanding internet access and smartphone penetration have made digital transactions more accessible.
✅ Fintech Innovation: The growth of local and international fintech players has introduced more efficient and secure payment solutions.
✅ Government and Regulatory Support: Policies from the Bank of Ghana have encouraged financial inclusion and digital banking adoption.
Ghana’s mobile financial sector has reached a new milestone, with the total value of transactions made via mobile devices surging by 51.76% to GH¢3.02 trillion ($196.7 billion) in 2024. This sharp increase from GH¢1.99 trillion ($130.53 billion) in 2023 underscores the country’s rapid shift toward a cashless economy.
Mobile Money Adoption Accelerates
📈 Transaction Volume Growth: The aggregate volume of mobile transfers hit eight billion transactions in 2024, according to Bank of Ghana (BoG) data.
📊 More Registered Accounts: Mobile money registrations climbed from GH¢65.6 million ($4.29 million) in December 2023 to GH¢73 million ($4.79 million) by the end of 2024.
💰 Revenue Surge: Government revenue from mobile transactions skyrocketed from GH¢198.4 billion ($13 billion) in January to GH¢334.8 billion ($21.9 billion) by December 2024.
Ghana’s digital payment systems have seen significant growth in 2024, reflecting the country’s push toward financial inclusion and cashless transactions. Key platforms such as MMI, e-zwich, and GHIPSS Instant Pay (GIP) have expanded, offering more accessible and convenient payment solutions for consumers and businesses.
Mobile Money Interoperability (MMI) has enabled seamless transfers across different mobile money platforms, enhancing convenience and supporting financial inclusion. The e-zwich platform, a national digital payment system, saw a notable rise in transaction value, reaching GH¢3.75 million ($246,611) by the end of the year. Similarly, GHIPSS Instant Pay (GIP), a real-time interbank payment system, showed impressive growth in both transaction volume and value, highlighting its popularity for faster and more efficient fund transfers.
The number of point-of-sale (POS) terminals increased significantly, rising from 12,491 in 2023 to 16,618 by the end of 2024. Meanwhile, the total value of transactions through internet banking more than doubled, jumping from GH¢12.1 billion ($794.6 million) in December 2023 to GH¢33.5 billion ($2.20 billion) by the end of 2024.
While the number of ATMs deployed decreased slightly from 2,287 at the end of 2023 to 2,283 by the close of 2024, the shift toward digital payments is evident in the rise of POS terminals and internet banking, demonstrating a growing preference for electronic financial solutions in Ghana. The country’s continued focus on digital finance and mobile money adoption positions it as a leader in Africa’s rapidly evolving financial landscape.
Impact of Ghana’s E-Levy on Digital Transactions
In August 2024, the Ghanaian government introduced a 1.5% tax on electronic transfers, aiming to generate $900 million in revenue. Despite initial public backlash, the policy appears to be driving higher transaction volumes, with mobile money remaining a dominant force in the financial ecosystem.
The Road to a Cashless Economy
📌 Sustained Engagement: The number of active mobile money accounts remained consistently above 22 million, indicating a strong reliance on digital payments.
📌 Growing Confidence: As Ghana moves further into digital finance, fintech innovations and policy changes will continue to shape the country’s financial future.
With mobile money adoption at an all-time high, Ghana is solidifying its position as a leader in Africa’s digital payment revolution.
Ghana’s Digital Payment Future
With mobile money transactions now representing a significant portion of financial activity in Ghana, the country is solidifying its position as a leader in Africa’s digital finance revolution. As digital payments continue to grow, Ghana’s financial landscape is set for further innovation, inclusion, and transformation.
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