Momo transactions reach 728 million; valued at Ghc298.6bn – BoG

Bank of Ghana data reveals a significant increase in mobile money transactions, highlighting the expanding use of digital financial services nationwide.

The increase in mobile money transactions also resulted in a rise in their total value, increasing from GHS 284.9 billion to GHS 298.6 billion.

However, the balance of float—the funds held in mobile money accounts—dropped from GHS 25.1 billion to GHS 24.2 billion during the review period.

The growth in mobile money usage in October 2024 reflects favorable market dynamics despite persistent economic and regulatory challenges, including demands for the reduction or removal of the E-levy rate.

The value of mobile money interoperability transactions increased from GHS 2.5 billion to GHS 2.8 billion, while the total number of such transactions grew from 18.5 million to 19 million.

Similarly, the transaction value of cheques cleared through mobile money rose from GHS 32.8 billion to GHS 38 billion, with the number of transactions climbing from 452,000 to 506,000.

During the same period, registered and active mobile money accounts also saw growth. Registered accounts increased from 71.2 million to 71.9 million, while active accounts rose slightly from 23 million to 23.3 million.

On the business front, the number of registered MoMo agents grew by 5,000 in a month, from 867,000 to 872,000. However, active agents declined from 456,000 to 404,000.

The report also highlighted growth in Automated Clearing House (ACH) transactions. Direct debit transaction values rose from GHS 250.2 million to GHS 327.6 million, with the number of transactions increasing from 53,000 to 84,000.

For direct credit ACH transactions, the value grew from GHS 10.3 billion to GHS 11.7 billion, while the number of transactions increased from 785,000 to 874,000.

By: Gyamfuah Owusu Ackom