Mobile money (MoMo) transactions in Ghana surged dramatically in 2024, soaring by 56.8% to an astounding GH¢3.01 trillion, up from GH¢1.92 trillion in 2023, according to the Bank of Ghana’s 2024 Payment Systems Oversight Report. This remarkable leap underscores the nation’s growing dependence on mobile money as a trusted and convenient financial tool.
The structure of MoMo transactions remained largely unchanged, with agent-to-agent transfers firmly dominating at 34.8%. Third-party transfers followed at 15.4%, with cash-out withdrawals (10.9%), cash-in deposits (9.9%), and bank-to-wallet transactions (7%) also maintaining stable shares, a clear sign of consistent consumer behaviour throughout the year.
Transaction volumes climbed steadily as well, increasing by 18.9% to reach 8.1 billion in 2024 from 6.8 billion in 2023. The frequency of low-value transactions continues to rise, reinforcing mobile money’s position as a key channel for everyday financial interactions. Average transaction value rose sharply to GH¢372.00, a 32.3% jump from GH¢281.00 the previous year.
In his foreword, Bank of Ghana Governor Dr. Johnson Pandit Asiama highlighted the Bank’s intensified efforts in 2024 to safeguard and modernize the payment ecosystem. He emphasized that efficiency, stability, and security remain central to the Bank’s mandate as technological innovations and shifting consumer preferences reshape the financial landscape.
Key among the reforms undertaken was the Bank’s ambitious drive to upgrade the Real Time Gross Settlement (RTGS) system and related platforms to ISO 20022 standards, aligning Ghana’s payment infrastructure with global benchmarks. Supervisory activities were also strengthened, with heightened focus on cross-border payments, market conduct, operational efficiency and competition. These interventions boosted confidence across diverse payment channels such as the Ghana Interbank Settlement System (GIS), GhIPSS Instant Pay (GIP), internet banking, gh-link™, and mobile banking.
Dr. Asiama further noted that Ghana’s payment system continues to earn continental admiration, demonstrated by recurring peer-learning missions and study visits from central banks across Africa. These engagements affirm the country’s leadership and ongoing commitment to excellence.
He emphasized that the resilience of Ghana’s payment infrastructure, consistently free of major disruptions, reflects strong public confidence and the Bank’s dedication to maintaining a secure, inclusive and forward-thinking payment environment.
Looking ahead, he reaffirmed the Bank’s resolve to enhance regulatory frameworks, foster deeper collaboration with industry players, enable responsible innovation and safeguard consumer interests. The ultimate goal remains to champion a payment ecosystem that fuels economic growth, deepens financial inclusion and preserves Ghana’s reputation as a trusted steward of digital financial transformation.