Mobile money (MoMo) transactions in Ghana hit an all-time high of GH₵334.8 billion in December 2024, reflecting a sharp increase from GH₵316.4 billion recorded in November.
The 5.8% growth in MoMo transaction value shows the growing reliance on mobile money for payments, remittances, and financial transactions across the country, particularly during the festive season.
The significant jump in December aligns with the holiday season, a period characterized by increased spending, gift-giving, and business activity. Mobile money has become the go-to option for many Ghanaians, offering a convenient and secure way to transfer funds and make purchases.
December’s performance capped off an impressive year of growth in mobile money transactions. The total transaction value increased consistently throughout 2024, rising from GH₵181.9 billion in January to GH₵334.8 billion in December, representing an astonishing 84% growth over the year.
Mobile money continues to play a critical role in driving financial inclusion in Ghana. By December 2024, the number of registered mobile money accounts had grown to 73.0 million, with 23.5 million active accounts, reflecting the widespread adoption of the service.
Additionally, the balance on mobile money floats stood at GH₵27.2 billion, highlighting the liquidity circulating within the mobile money ecosystem.
The growth in mobile money usage is not only a testament to its convenience but also its capacity to bridge gaps in traditional banking services. The proliferation of mobile money agents, which reached 883,000 by December, ensures accessibility even in remote areas.
Despite the growth, one hurdle that has lingered is the Electronic Transfer Levy (E-Levy), which has somewhat dampened transaction volumes since its introduction. However, the Finance Minister, Dr. Cassiel Ato Forson, recently indicated plans to scrap the levy.
Should this policy be implemented, it could further stimulate mobile money activities and lead to even higher transaction values in the coming months. The removal of this levy would likely restore confidence in the system and encourage more transactions, boosting the mobile money sector and its contribution to the economy.
With continued growth anticipated in 2025, mobile money remains a cornerstone of Ghana’s evolving digital economy.
Last Updated on March 16, 2025 by samboad
