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Data from the Bank of Ghana reveals a significant uptick in mobile money transactions, indicating the growing adoption of digital financial services across the nation.
The total volume of mobile money transactions saw an increase from 705 million in September 2024 to 728 million in October 2024, reflecting a notable rise within just one month.
This surge also resulted in a corresponding growth in the value of mobile money transactions, which climbed from GHS 284.9 billion to GHS 298.6 billion. However, the balance in mobile money accounts, also known as the float, decreased from GHS 25.1 billion to GHS 24.2 billion during the same period.
The rise in mobile money usage during October 2024 can be attributed to favorable changes in market conditions, despite the ongoing economic and regulatory hurdles, including calls to reduce or remove the Electronic Levy (E-levy).
In terms of mobile money interoperability, the transaction value increased from GHS 2.5 billion to GHS 2.8 billion, with the total number of transactions rising from 18.5 million to 19 million. Additionally, the value of transactions involving cheque clearing through mobile money grew from GHS 32.8 billion to GHS 38 billion, while the transaction volume increased from 452,000 to 506,000.
The period also saw a rise in both registered and active mobile money accounts. Registered accounts increased from 71.2 million to 71.9 million, and active accounts rose slightly from 23 million to 23.3 million. On the business front, while the number of registered mobile money agents grew by 5,000, from 867,000 to 872,000, the number of active agents declined from 456,000 to 404,000.
Additionally, the value of transactions conducted through the Automated Clearing House (ACH) for direct debits increased from GHS 250.2 million to GHS 327.6 million, with the number of such transactions rising from 53,000 to 84,000. For direct credit ACH transactions, the value climbed from GHS 10.3 billion to GHS 11.7 billion, with the number of transactions growing from 785,000 to 874,000.
