The total value of mobile money transactions in Ghana reached GH¢3.01 trillion in 2024, according to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report.

The figure represents a 56.8 per cent increase over the GH¢1.92 trillion recorded in 2023, highlighting the country’s growing reliance on mobile money for daily financial transactions.

The Bank of Ghana said the composition of transaction values remained largely unchanged from previous years.

Agent-to-agent transactions dominated, accounting for 34.8 per cent of total value. Third-party transfers followed with 15.4 per cent.

Cash-out withdrawals accounted for 10.9 per cent, cash-in transactions 9.9 per cent, and bank-to-wallet transfers 7 per cent.

Transaction volumes also rose sharply. Total volumes increased by 18.9 per cent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023.

The central bank said the growth reflects the increasing use of mobile money for frequent, low-value payments.

The average transaction value climbed to GH¢372 in 2024, a 32.3 per cent rise from the GH¢281 average recorded in 2023.

Data released by the Bank of Ghana show that the momentum continued into 2025. In the first ten months of the year, mobile money transactions reached GH¢3.6 trillion, covering the period from January to October.

The figures were published in the Bank’s latest Economic and Financial Data following the recent Monetary Policy Committee meeting.

The report shows strong month-on-month growth. Transactions stood at GH¢406 billion in September and rose to GH¢436 billion in October.

By comparison, total mobile money transactions for the same January to October period in 2024 amounted to GH¢2.368 trillion.

In 2023, transactions for that period stood at GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions reached GH¢1.775 trillion.

The report also recorded strong growth in internet banking. The total value of internet banking transactions rose by 114.9 per cent to GH¢212 billion in 2024, up from GH¢98.9 billion in 2023.

Transaction volumes increased by 93.0 per cent to 26,063,456 from 13,501,492 over the same period.

Mobile banking transactions also expanded significantly. The total value of mobile banking transactions grew to GH¢165 billion in 2024 from GH¢80.4 billion in 2023.

Transaction volumes increased to 154,289,101 from 66,941,069. The average daily volume of internet banking transactions rose by 93.04 per cent to 71,407, while mobile banking transactions jumped by 130.5 per cent to 422,710.

The Bank of Ghana attributed the growth in internet and mobile banking to the introduction of new digital banking services by some banks in 2024, as well as rising customer demand across the sector.

Inbound remittance services also saw notable growth. The central bank approved 14 inbound remittance services in 2024, up from seven in 2023, a 100 per cent increase.

The report said inbound remittances remain a key contributor to national income, with banks increasingly partnering with money transfer operators to credit funds directly into bank accounts and mobile money wallets through the GhIPSS Instant Pay platform and other fintech solutions.

The report further showed an expansion in card-related services. The Bank of Ghana approved four new payment card services in 2024, up from two in 2023.

These included the issuance of Mastercard prepaid and credit cards, a Visa card direct service, and two virtual prepaid card products.

In addition, the Bank approved one financial institution to offer basic banking services through WhatsApp, as financial service providers continue to leverage social media platforms to expand access to banking services.