Ghana’s mobile financial transactions have witnessed a significant growth, with the total value rising by 51.76% to GH¢3.02 trillion ($196.7 billion) in 2024.

This surge is attributed to the increasing adoption of mobile money services, despite the introduction of a 1.5% tax on electronic transfers in August 2024.

The growth in mobile financial transactions is evident in the key highlights from the Bank of Ghana’s (BoG) data. The aggregate volume of mobile transfers grew to 8 billion in 2024, while registered mobile money accounts increased from 65.6 million ($4.29 million) in December 2023 to 73 million ($4.79 million) by the end of 2024.

Additionally, revenue generated from mobile transfers climbed from GH¢198.4 billion ($13 billion) in January to GH¢334.8 billion ($21.9 billion) by December 2024.

The total volume of transactions also rose from 657 to 745 during the same period, indicating sustained engagement and reliance on mobile money for daily transactions.

Furthermore, Mobile Money Interoperability (MMI) transactions leaped from GH¢2.3 billion ($150.87 million) in December 2023 to GH¢3.1 billion ($203.39 million) by the end of 2024.

The growth in mobile financial transactions underscores Ghana’s transition to a cashless economy, with mobile money services playing a pivotal role in driving financial inclusion.

The surge in mobile financial transactions is expected to continue, driven by increasing adoption and innovation in the mobile money space.