Ghana’s mobile money ecosystem recorded one of its strongest performances in 2024, with total transaction values exceeding GH¢3 trillion for the first time.

Data from the Bank of Ghana Payment Systems Oversight Annual Report 2024 points to rapid expansion in digital payments, growing consumer confidence, and the increasing centrality of mobile money in everyday economic activity across the country.

By transaction value, Agent-to-Agent transfers remained the dominant mobile money activity in 2024, accounting for 34.8 percent of total value, a notable rise from 29.9 percent in 2023. This trend reflects the importance of agent liquidity rebalancing within the mobile money ecosystem, as agents continue to move funds among themselves to meet customer demand.

Third Party Transfers followed as the second-largest category by value, contributing 15.4 percent, slightly lower than the 16.0 percent recorded in the previous year. Cash-out transactions accounted for 10.9 percent of value, declining from 12.3 percent in 2023, while Cash-in transactions represented 9.9 percent, also lower than the previous year’s 10.7 percent.

Bank-to-Wallet transfers remained stable at 7.0 percent, while Wallet-to-Bank transfers declined to 5.9 percent from 6.5 percent. Person-to-Person transfers contributed 5.7 percent of total value, marginally below 2023 levels, while Business-to-Business transactions fell to 4.0 percent from 5.5 percent. Airtime top-ups continued to account for just 0.3 percent of total value.

Transaction Values Rise Steadily Throughout the Year

Monthly transaction values showed a consistent upward trajectory in 2024, underscoring sustained growth in digital payment usage. Total mobile money transaction values rose from approximately GH¢196 billion in January to about GH¢335 billion by December. This compares with 2023 figures, which started the year at around GH¢138 billion and ended at approximately GH¢199 billion.

The widening gap between 2023 and 2024 monthly values highlights increased reliance on mobile money for commercial transactions, bill payments, remittances, and personal transfers. The steady growth pattern also suggests limited seasonality effects, pointing to structural adoption rather than short-term usage spikes.

Transaction Volumes Hit 8.1 Billion in 2024

Alongside rising values, transaction volumes also expanded strongly. Ghana recorded a total of 8.1 billion mobile money transactions in 2024, representing a 19 percent increase over the previous year. Monthly volumes climbed from about 618 million transactions in January to roughly 745 million in December.

Throughout the year, 2024 transaction volumes consistently outperformed those of 2023, which peaked at around 657 million transactions in December. This growth reflects the increasing use of mobile money for low-value, high-frequency transactions across households and businesses.

When measured by volume rather than value, Person-to-Person and Third Party Transfers emerged as the most frequently used transaction types. Third Party Transfers accounted for 16.7 percent of transaction volumes, while Person-to-Person transfers followed closely at 16.2 percent. Airtime top-ups contributed 16.1 percent, reflecting continued demand for mobile-based telecom services.

Data and product purchases accounted for 15.7 percent of total volumes, highlighting the integration of mobile money into digital commerce. Cash-out transactions represented 12.0 percent of volumes, while Cash-in transactions accounted for 10.8 percent. Bank-to-Wallet transfers made up 4.0 percent, while other transaction categories, including bill payments and Wallet-to-Bank transfers, collectively contributed smaller shares.

Balance on Float Climbs to GH¢27.2 Billion

The balance on float, which represents customer funds held in trust by mobile money operators, increased significantly in 2024. The total balance on float rose from GH¢18.3 billion in 2023 to GH¢27.2 billion in 2024, marking a 48 percent year-on-year increase.

Monthly trends show a steady rise in float balances throughout the year, ending December at approximately GH¢27 billion. This growth indicates increasing transaction activity and improved liquidity within the mobile money system, reinforcing confidence among users and regulators alike.

The mobile money customer base continued to expand, with registered accounts reaching 73.0 million in 2024, representing an 11 percent increase from the previous year. However, growth in active usage was more moderate. Active 90-day customer accounts rose to 23.5 million, reflecting a 3 percent year-on-year increase.

The disparity between registered and active accounts suggests that while onboarding remains strong, converting registered users into consistent users remains an area for further development within the ecosystem.

Agent Network Expansion Masks Decline in Active Participation

On the supply side, registered mobile money agents increased to 883,000 in 2024, representing an 8 percent growth. In contrast, the number of active agents declined sharply to 404,000, a 34 percent reduction compared to 2023.

This divergence suggests growing operational challenges within the agent network, including liquidity pressures, rising costs, and possible market consolidation, even as transaction volumes and values continue to rise.

Meanwhile, the Bank of Ghana approved 50 new digital financial products and services in 2024, underscoring strong momentum in fintech innovation. These approvals spanned inbound remittances, mobile, USSD and internet banking services, digital micro loans, agency banking, card issuance, remote cheque deposits, ATM services, POS and mPOS deployment, WhatsApp banking, and web portal services.

The breadth of approvals highlights regulatory support for diversified digital finance offerings, positioning mobile money as a central pillar of Ghana’s evolving financial system.