By: Kekeli K. Blamey
Data from the Bank of Ghana (BoG) reveals a significant surge in mobile money transactions, highlighting the growing adoption of digital financial services nationwide.
Between September and October this year, mobile money transactions jumped from 705 million to 728 million, with a corresponding increase in transaction value from GH¢284.9 billion to GH¢298.6 billion.
Despite a slight decline in mobile money float balance from GH¢25.1 billion to GH¢24.2 billion, the growth in mobile money usage demonstrates resilience in the face of economic and regulatory challenges.
The growth in mobile money transactions reflects shifts in market conditions, despite persistent economic and regulatory challenges, such as ongoing debates over the E-levy.
The value of mobile money interoperability transactions also rose, moving from GH¢2.5 billion to GH¢2.8 billion, while the number of such transactions increased from 18.5 million to 19 million.
Additionally, the value of cheques cleared via mobile money grew from GH¢32.8 billion to GH¢38 billion, with the number of cleared transactions rising from 452,000 to 506,000.
The number of registered mobile money accounts increased from 71.2 million to 71.9 million, with active accounts slightly rising from 23 million to 23.3 million.
On the business side, the number of registered agents rose by 5,000 within the month, reaching 872,000.
However, active agents saw a significant decline, dropping from 456,000 to 404,000.
Automated Clearing House (ACH) services also recorded growth. Direct debit transactions under ACH saw their total value increase from GH¢250.2 million to GH¢327.6 million, with the number of transactions rising from 53,000 to 84,000.
Similarly, direct credit ACH transactions recorded growth, with values increasing from GH¢10.3 billion to GH¢11.7 billion, and the number of transactions rising from 785,000 to 874,000.
The significant growth in mobile money transactions and ACH services underscores the increasing importance of digital financial services in Ghana’s economy.
As the country continues to navigate economic and regulatory challenges, the resilience and adaptability of the digital financial sector are likely to play a critical role in driving economic growth and financial inclusion.
