Mobile money (Momo) transactions in Ghana surged to nearly GH¢ 300 billion in October 2024, highlighting its role in financial inclusion and cashless payments.
Mobile Money (MoMo) transactions in Ghana continue to surge, with the total value of transactions hitting nearly GH¢ 300 billion (GH¢ 298.6 billion) in October 2024, a significant rise from GH¢ 179.2 billion recorded in October 2023. The number of transactions also saw a substantial increase, reaching 728 million in October 2024, compared to 615 million in the same period the previous year.
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The Bank of Ghana’s data revealed a rise in registered mobile money accounts, which grew from 64 million in October 2023 to 71.9 million in October 2024. Active accounts also increased from 22.1 million to 23.3 million during this period, highlighting the growing adoption of mobile money for everyday transactions and financial activities.
However, while the number of registered mobile money agents increased from 809,000 to 872,000, active agents declined from 544,000 to 404,000, possibly due to improvements in operational efficiency or consolidation within the agent network. The balance on float, representing funds held by mobile money operators, grew from GH¢ 15.3 billion to GH¢ 24.2 billion over the year.
Mobile money’s significant contribution to financial inclusion in Ghana is evident in its role in improving access to financial services, especially for the unbanked population. The surge in transaction volumes and values underscores mobile money’s importance in facilitating business operations, promoting cashless transactions, and driving economic growth in the country. Ghana has almost achieved 100% financial inclusion due to mobile money services.
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