Momo transactions increase to 728 million; Value rises to Ghc298.6bn – BoG
Data from the Bank of Ghana highlights a significant rise in mobile money (MoMo) transactions, showcasing the expanding role of digital financial services.
From September to October 2024, the total number of MoMo transactions increased from 705 million to 728 million, while their value surged from GHS 284.9 billion to GHS 298.6 billion. Despite this growth, the float balance—the funds held in MoMo accounts—declined from GHS 25.1 billion to GHS 24.2 billion.
Mobile money interoperability also experienced growth, with transaction values rising from GHS 2.5 billion to GHS 2.8 billion and the number of transactions increasing from 18.5 million to 19 million. Cheque-clearing via mobile money saw a jump in value from GHS 32.8 billion to GHS 38 billion, alongside an increase in transactions from 452,000 to 506,000.
The period saw a rise in registered and active mobile money accounts. Registered accounts grew from 71.2 million to 71.9 million, and active accounts increased from 23 million to 23.3 million. On the business side, registered agents rose by 5,000 to reach 872,000, but active agents decreased significantly, from 456,000 to 404,000.
Automated Clearing House (ACH) transactions also showed robust growth. Direct debit values increased from GHS 250.2 million to GHS 327.6 million, with transaction numbers climbing from 53,000 to 84,000. Direct credit transactions saw values rise from GHS 10.3 billion to GHS 11.7 billion, and the number of transactions increased from 785,000 to 874,000.
These developments reflect Ghana’s growing embrace of digital finance, despite challenges such as calls to review the E-levy rate.
