By: Ashiadey Dotse
The Bank of Ghana has revealed that a total value of mobile money transactions in Ghana surged to GH¢3.01 trillion in 2024, showing a strong rise in the use of digital payments across the country.
According to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report, the figure represents a 56.8 per cent increase compared to the GH¢1.92 trillion recorded in 2023.
The central bank said the growth shows that more Ghanaians are relying on mobile money for their daily financial activities.
The report noted that the structure of mobile money transactions remained largely the same. Agent-to-agent transfers made up the largest share, accounting for 34.8 per cent of the total value.
Third-party transfers followed with 15.4 per cent. Cash-out withdrawals accounted for 10.9 per cent, while cash-in transactions made up 9.9 per cent. Bank-to-wallet transfers represented 7 per cent.
Transaction volumes also increased sharply in 2024. Total mobile money transactions rose by 18.9 per cent to 8.1 billion, up from 6.8 billion in 2023. The Bank of Ghana explained that this growth reflects the increasing use of mobile money for frequent and low-value payments.
The average value per transaction also went up. It rose to GH¢372 in 2024, representing a 32.3 per cent increase from the GH¢281 recorded in 2023.
Data from the Bank of Ghana further show that the growth has continued into 2025. From January to October 2025, mobile money transactions reached GH¢3.6 trillion.
Transactions increased from GH¢406 billion in September to GH¢436 billion in October, showing strong month-on-month growth.
For comparison, mobile money transactions for the same January to October period stood at GH¢2.368 trillion in 2024 and GH¢1.367 trillion in 2023.
The report also highlighted strong growth in internet and mobile banking. The value of internet banking transactions increased by 114.9 per cent to GH¢212 billion in 2024, while mobile banking transactions grew to GH¢165 billion from GH¢80.4 billion in 2023. Transaction volumes for both services also rose significantly.
The Bank of Ghana attributed this growth to the introduction of new digital banking products by banks in 2024 and rising customer demand.
Inbound remittance services also expanded. The central bank approved 14 inbound remittance services in 2024, double the number approved in 2023. The report said remittances remain an important source of income, with banks working with money transfer operators to send funds directly into bank accounts and mobile money wallets.
In addition, the Bank of Ghana approved new payment card services and allowed one financial institution to offer basic banking services through WhatsApp, as financial institutions continue to use digital platforms to improve access to banking in Ghana.
