Kumasipioneer.com Truth l Accuracy l Fairness
Mobile money transactions have significantly increased, according to the Bank of Ghana (BoG), which is indicative of the nation’s increasing use of digital financial services.
The overall number of mobile money transactions increased from 705 million to 728 million during September and October of 2024.
The transaction value increased from GH¢284.9 billion to GH¢298.6 billion as a result of this spike. But during the same time period, the mobile money float balance—the amount of money kept in accounts—saw a minor drop, going from GH¢25.1 billion to GH¢24.2 billion.
Despite persistent economic and legal obstacles, such as the discussions around the E-levy, the continuous rise in mobile money usage is indicative of broader changes in market dynamics. The number of mobile money interoperability transactions increased from 18.5 million to 19 million, and the transaction value increased from GH¢2.5 billion to GH¢2.8 billion.
Along with the number of completed transactions increasing from 452,000 to 506,000, the amount of checks cleared using mobile money also increased from GH¢32.8 billion to GH¢38 billion.
While the number of active mobile money accounts increased slightly from 23 million to 23.3 million, the number of registered accounts rose from 71.2 million to 71.9 million.
In terms of business, there were 872,000 registered agents, an increase of 5,000. On the other hand, the number of active agents dropped significantly, from 456,000 to 404,000.
Additionally, Automated Clearing House (ACH) services expanded. The overall amount of ACH-facilitated direct debit transactions increased from GH¢250.2 million to GH¢327.6 million, and the number of transactions increased from 53,000 to 84,000.
Similarly, the value of direct credit ACH transactions increased from GH¢10.3 billion to GH¢11.7 billion, while the quantity of transactions increased from 785,000 to 874,000.
