Dr. Ernest Addison, BoG Governor<\/strong><\/p>\n\u00a0<\/p>\n
Mobile money transactions in the country reached a record high of 728 million in October 2024, with a total value of GH\u00a2298.6 billion, according to the latest data from the Bank of Ghana (BoG).<\/p>\n
The figures represent a significant increase from the previous month, when 705 million transactions were recorded at a value of GH\u00a2284.9 billion.<\/p>\n
The surge points to the growing adoption of digital financial services across the country, despite ongoing economic challenges and debates over the E-levy.<\/p>\n
However, the mobile money float balance, representing funds held in accounts, declined slightly during the same period, dropping from GH\u00a225.1 billion in September to GH\u00a224.2 billion in October.<\/p>\n
Interoperability Growth
<\/strong>The value of mobile money interoperability transactions also rose, climbing from GH\u00a22.5 billion to GH\u00a22.8 billion, while the number of such transactions increased from 18.5 million to 19 million.<\/p>\nSimilarly, the value of cheques cleared through mobile money grew from GH\u00a232.8 billion to GH\u00a238 billion, with cleared transactions rising from 452,000 to 506,000.<\/p>\n
Account Registrations<\/strong>
The number of registered mobile money accounts also grew from 71.2 million in September to 71.9 million in October. Active accounts showed a modest increase, rising from 23 million to 23.3 million.<\/p>\nOn the business side, the number of registered mobile money agents increased by 5,000, reaching 872,000.<\/p>\n
However, active agents dropped significantly, falling from 456,000 to 404,000, reflecting challenges in sustaining agent participation.<\/p>\n
ACH Services
<\/strong>Automated Clearing House (ACH) services also recorded strong growth.<\/p>\nDirect debit transactions under ACH rose in value from GH\u00a2250.2 million to GH\u00a2327.6 million, with the number of transactions increasing from 53,000 to 84,000.<\/p>\n
Direct credit ACH transactions followed suit, with their total value rising from GH\u00a210.3 billion to GH\u00a211.7 billion and transaction volumes growing from 785,000 to 874,000.<\/p>\n
Growing Digital Economy
<\/strong>The increase in mobile money transactions underscores the transformation of the country\u2019s financial landscape, as more individuals and businesses turn to digital platforms for their financial needs.<\/p>\nEconomic analysts believe that sustained growth in this sector could bolster financial inclusion and enhance economic resilience, even amid challenging conditions.<\/p>\n
The BoG said it would continue to monitor and support the digital financial ecosystem, aiming to ensure its stability and contribution to the broader economy.<\/p>\n
By Ernest Kofi Adu<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Ernest Addison, BoG Governor \u00a0 Mobile money transactions in the country reached a record high of 728 million in October 2024, with a total value of GH\u00a2298.6 billion, according to the latest data from the Bank of Ghana (BoG). The figures represent a significant increase from the previous month, when 705 million transactions were […]<\/p>\n","protected":false},"author":1,"featured_media":4238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-263890","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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