Ghana’s mobile money sector has experienced significant growth in the first two months of 2025, reaching a total transaction value of GH¢649.2 billion.
This represents a remarkable year-on-year increase of 64.68%, a proof to the increasing adoption of digital financial services in the country. The surge in transactions comes on the heels of the recent abolition of the controversial Electronic Transaction Levy (E-Levy), a move that many analysts believe will further boost the financial technology (fintech) sector.
According to data from the Bank of Ghana, mobile money transactions in January 2025 amounted to GH¢333 billion, before slightly declining to GH¢316.2 billion in February 2025. Despite this month-on-month dip, the overall figures indicate a sustained upward trend in mobile money adoption.
In contrast, during the same period in 2024, total mobile money transactions were estimated at GH¢394.2 billion. The sharp increase in transaction volumes reflects the growing confidence in mobile money as a preferred mode of financial transactions in Ghana.
In 2024, the total value of mobile money transactions reached an unprecedented GH¢3.0192 trillion, marking a 57.90% year-on-year growth. With the removal of the E-Levy, industry experts predict that Ghana’s mobile money market will continue to expand at an even faster rate.
The Impact of E-Levy Removal
The Electronic Transaction Levy (E-Levy) was introduced in May 2022 to generate revenue for the government by taxing mobile money transactions. However, it was met with significant resistance from the public and businesses alike, as it was perceived as a deterrent to financial inclusion and digital transactions.
The scrapping of the levy by the new government last week has been welcomed by industry players and consumers. Many experts believe that the removal of the tax will encourage more people to use mobile money services, particularly for high-value transactions that were previously affected by the levy. With reduced transaction costs, businesses and individuals can now carry out transactions more efficiently, further driving economic activity.
The expansion of Ghana’s mobile money market is also evident in the increasing number of registered accounts. As of February 2025, the total number of registered mobile money accounts stood at 74.1 million, up from 66.9 million in the same period of 2024. This growth signals a rising demand for digital financial services across different segments of the population.
Moreover, the number of registered mobile money agents was estimated at 896,000, with 411,000 active agents providing services across the country. These agents play a crucial role in bridging the financial inclusion gap, particularly in rural and underserved areas where traditional banking services are limited.
The Future of Ghana’s Fintech Sector
The removal of the E-Levy, coupled with the strong growth in mobile money transactions, sets the stage for an even more vibrant fintech ecosystem in Ghana. Financial analysts predict that the increased adoption of mobile money will spur further innovations in digital payments, lending, and financial services.
Additionally, banks and fintech companies are expected to roll out more value-added services to tap into the expanding mobile money user base. This includes enhanced security features, improved customer service, and integration with other financial platforms to offer seamless transactions.
In essence, Ghana’s mobile money market is on a strong upward trajectory, fueled by the recent removal of the E-Levy and increasing adoption of digital financial services. With transaction values reaching GH¢649.2 billion in just two months, the sector is proving to be a key driver of economic activity and financial inclusion.
Ensuring a secure, efficient, and innovative digital financial ecosystem will not only benefit consumers but also contribute to Ghana’s broader economic development. With mobile money transactions gaining momentum, the country is well on its way to becoming a leader in digital finance in Africa.
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