Ghana’s Digital Payments Boom as Mobile Transactions Hit Record High

Ghana’s mobile money sector witnessed a remarkable surge in 2024, with electronic transactions skyrocketing to GH¢3.02 trillion ($196.7 billion). This marks a 51.76% increase from the GH¢1.99 trillion ($130.53 billion) recorded in 2023, according to data from the Bank of Ghana (BoG).

The volume of mobile transactions also saw significant growth, reaching eight billion by the end of 2024. Meanwhile, registered mobile money accounts climbed from 65.6 million in December 2023 to 73 million a year later, reinforcing the country’s transition towards a cashless economy.

The Impact of Ghana’s E-Levy on Mobile Transactions

The impressive growth in digital transactions coincides with the Ghanaian government’s introduction of a 1.5% tax on electronic transfers in August 2024. The levy, which was initially met with widespread criticism, was projected to generate $900 million in revenue. Despite concerns about its impact on financial inclusion, transaction volumes and values continued to rise, suggesting that mobile money remains an essential part of daily economic activities.

A breakdown of the BoG’s January 2025 Summary of Economic and Financial Data report shows that mobile money revenue climbed from GH¢198.4 billion ($13 billion) in January 2024 to GH¢334.8 billion ($21.9 billion) by December. The number of active accounts fluctuated throughout the year but remained consistently above 22 million, demonstrating sustained reliance on digital payments.

The Rise of Interoperability and Instant Payments

Financial transactions through Mobile Money Interoperability (MMI) surged from GH¢2.3 billion ($150.87 million) in December 2023 to GH¢3.1 billion ($203.39 million) by the end of 2024. MMI allows users to transfer money across different mobile networks seamlessly, enhancing convenience and expanding financial inclusion.

Other digital payment systems also saw notable growth. The e-zwich platform, a national electronic payment system, recorded a transaction value of GH¢3.75 million ($246,611), while the GHIPSS Instant Pay (GIP) system gained popularity due to its real-time interbank payment capabilities.

Meanwhile, Ghana’s payment infrastructure continued to evolve. The number of point-of-sale (POS) terminals jumped from 12,491 in 2023 to 16,618 in 2024, reflecting a greater adoption of digital transactions in retail spaces. However, ATM deployment saw a slight decline, dropping from 2,287 to 2,283 within the same period.

Additionally, the total value of internet banking transactions more than doubled, soaring from GH¢12.1 billion ($794.6 million) in December 2023 to GH¢33.5 billion ($2.20 billion) by the end of 2024.