Digital payments drive Mobile Money transactions to GHc3 Trillion – Report

Mobile money usage in Ghana continues to surge, with the total value of transactions reaching GH¢3.01 trillion in 2024, representing a 56.8 per cent increase from GH¢1.92 trillion in 2023, according to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report. The figures highlight the growing reliance on mobile money for everyday financial activities.

The composition of transactions remained largely consistent with previous years. Agent-to-agent transfers accounted for the largest share at 34.8 per cent, followed by third-party transfers at 15.4 per cent. Cash-out withdrawals made up 10.9 per cent, cash-in transactions 9.9 per cent, and bank-to-wallet transfers 7 per cent.

Transaction volumes also climbed significantly, rising 18.9 per cent to 8.1 billion in 2024, up from 6.8 billion in 2023. The central bank noted that this growth reflects the increasing use of mobile money for frequent, low-value payments. The average transaction value also rose 32.3 per cent to GH¢372 in 2024, up from GH¢281 in 2023.

The momentum continued into 2025, with total mobile money transactions reaching GH¢3.6 trillion from January to October. Monthly transactions showed steady growth, rising from GH¢406 billion in September to GH¢436 billion in October. For comparison, transactions for the same period in 2024 totaled GH¢2.368 trillion, and in 2023, GH¢1.367 trillion.

The report also highlighted strong growth in internet and mobile banking. Internet banking transaction values more than doubled, rising 114.9 per cent to GH¢212 billion in 2024 from GH¢98.9 billion in 2023, while transaction volumes grew 93 per cent to 26,063,456. Mobile banking also expanded, with transaction values increasing to GH¢165 billion from GH¢80.4 billion, and volumes more than doubling to 154,289,101. The average daily internet banking volume rose 93 per cent to 71,407 transactions, while mobile banking daily volumes jumped 130.5 per cent to 422,710. The Bank attributed this growth to new digital banking services introduced by banks and rising customer demand.

Inbound remittance services saw notable expansion, with the Bank approving 14 services in 2024, up from seven in 2023—a 100 per cent increase. Remittances remain an important contributor to national income, with banks increasingly partnering with money transfer operators to credit funds directly into accounts and mobile wallets via the GhIPSS Instant Pay platform and other fintech solutions.

Card-based payment services also grew, with four new services approved in 2024, up from two in 2023. These included Mastercard prepaid and credit cards, a Visa card direct service, and two virtual prepaid card products. Additionally, the Bank authorised one financial institution to offer basic banking services through WhatsApp, reflecting continued innovation and the use of social media platforms to expand access to financial services.

The Bank of Ghana’s data underscores the rapid adoption of digital financial services in the country, with mobile money, internet banking, and mobile banking increasingly central to Ghana’s financial ecosystem.