The Bank of Ghana’s latest data reveals a surge in mobile money activity during October 2024. The month witnessed a 3% increase in the number of transactions, climbing from 705 million in September to 728 million. Concurrently, the total transaction value grew by 5%, from GHS 284.9 billion in September to GHS 298.6 billion. While the overall float in accounts registered on Mobile Money dipped slightly from GHS 25.1 billion to GHS 24.2 billion, the overall trend suggests a robust and expanding mobile money ecosystem, despite economic and regulatory hurdles.
Mobile money interoperability also experienced growth. The total transaction value increased by 12%, from GHS 2.5 billion to GHS 2.8 billion, while the number of transactions rose by 8%, from 18.5 million to 19 million. Additionally, the value of cheques cleared via mobile money surged by 16%, from GHS 32.8 billion to GHS 38 billion, with a corresponding 12% increase in the number of transactions.
The number of registered mobile money accounts grew from 71.2 million to 71.9 million, and active accounts increased marginally from 23 million to 23.3 million. While the number of registered mobile money agents rose by 5,000, the number of active agents decreased by 11%.
The report also highlights growth in Automated Clearing House (ACH) transactions. Direct debit transactions via ACH experienced a significant increase, with the value growing by 31% and the number of transactions rising by 58%. Similarly, direct credit ACH transactions saw a 13% increase in value and a 11% increase in the number of transactions.
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