Mobile money (MoMo) transactions have significantly increased, according to data from the Bank of Ghana (BoG), indicating the growing uptake of digital financial services across the country.
The number of mobile money transactions increased by 3.3% each month, from 705 million in September 2024 to 728 million in October 2024. As a result, the overall transaction value grew from GHS 284.9 billion to GHS 298.6 billion, highlighting the growing dependence of businesses and consumers on MoMo platforms.
The entire amount of money in MoMo accounts, or the mobile money float, decreased from GHS 25.1 billion to GHS 24.2 billion during that time.
Changes in user behavior, like increased transaction volumes or withdrawals, may be reflected in this.
The rise in MoMo usage coincides with discussions over the contentious E-Levy and economic concerns.
Industry watchers attribute the rise to changes in market dynamics, such as rising customer confidence in mobile money systems and the burgeoning service ecosystem.
Interoperability of mobile money, which permits transactions between various service providers, also showed improvements.
Transaction volumes increased from 18.5 million to 19 million, and the total value of interoperable transactions increased from GHS 2.5 billion to GHS 2.8 billion.
Strong performance was also demonstrated by mobile money check-clearing activities, with transaction values rising from GHS 32.8 billion to GHS 38 billion and transaction volume rising from 452,000 to 506,000.
While active mobile money accounts increased moderately from 23 million to 23.3 million, the number of registered accounts increased slightly from 71.2 million to 71.9 million.
In October, there were 872,000 registered MoMo agents, a 5,000 rise on the agent side.
But the number of active agents dropped precipitously, from 456,000 to 404,000.
The Automated Clearing House (ACH) system saw notable expansion in addition to mobile money. The number of direct debit transactions increased from 53,000 to 84,000, and the amounts of the transactions increased from GHS 250.2 million to GHS 327.6 million.
Additionally, the volume of direct credit transactions increased from 785,000 to 874,000, and their total value increased from GHS 10.3 billion to GHS 11.7 billion.
According to the BoG statistics, Ghana’s digital payment ecosystem is maturing, supported by growing customer participation and developing financial technology.
Source: newsthemegh.com