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The Bank of Ghana (BoG) has reported a significant increase in mobile money (Momo) transactions, highlighting the growing adoption of digital financial services across the country.



Data reveals that the total number of mobile money transactions rose from 705 million in September 2024 to 728 million in October 2024, indicating a remarkable surge within just one month. 



This uptick correspondingly boosted the total value of Momo transactions from GHS 284.9 billion to GHS 298.6 billion.



Despite this growth, the balance of float—the amount of money held in mobile money accounts—declined from GHS 25.1 billion to GHS 24.2 billion during the same period. 



The increase in mobile money usage in October can be attributed to favorable market dynamics, even amid ongoing economic and regulatory challenges, including discussions surrounding the potential scrapping or reduction of the E-levy rate.



In the realm of mobile money interoperability, the total transaction value saw a rise from GHS 2.5 billion to GHS 2.8 billion, with the number of interoperability transactions increasing from 18.5 million to 19 million. 



Additionally, cheque transactions cleared through mobile money also grew, with their value climbing from GHS 32.8 billion to GHS 38 billion and the number of transactions rising from 452,000 to 506,000.



The report also noted an increase in both registered and active mobile money accounts. Registered accounts rose from 71.2 million to 71.9 million, while active accounts saw a slight increase from 23 million to 23.3 million. 



On the business side, the number of registered Momo agents grew by 5,000, reaching 872,000, although the number of active agents declined from 456,000 to 404,000.



Furthermore, the data indicated a positive trend in direct debit transactions through the Automated Clearing House (ACH), with the total transaction value increasing from GHS 250.2 million to GHS 327.6 million and the number of transactions rising from 53,000 to 84,000. 



In direct credit ACH transactions, the transaction value also grew, from GHS 10.3 billion to GHS 11.7 billion, with the total number of transactions increasing from 785,000 to 874,000.

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MoMo Transactions Surge to 728 Million, Value Hits GHS 298.6 Billion

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AUTHOR: Perpetual Tweneboah Koduah

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