The mobile money sector in Ghana is experiencing significant growth, reflecting a major shift in the country's financial landscape. According to the latest data from the Bank of Ghana (BoG), mobile money transactions reached an impressive total of GH¢649.2 billion in the first two months of 2025. This marks a substantial 64.68% increase compared to the same period in 2024, showcasing the growing adoption of digital financial services.
Key Highlights:
Transaction Growth:
In January 2025, mobile money transactions totaled GH¢333 billion, followed by a slight dip in February to GH¢316.2 billion. Despite the month-to-month decline, the overall upward trend in transaction volume signals sustained growth.
This surge comes on the back of a strong 2024, where total mobile money transactions for the year reached GH¢3.0192 trillion, a 57.90% year-on-year growth.
Registered Accounts and Agent Expansion:
The number of registered mobile money accounts has surged to 74.1 million by February 2025, up from 66.9 million the previous year.
Mobile money agents have expanded as well, with 896,000 registered agents and 411,000 active agents providing services across the country. These agents are crucial in improving financial inclusion, especially in rural areas with limited access to traditional banking.
Impact of the E-Levy Removal:
The removal of the E-Levy has been a significant factor in this growth. Experts anticipate that the absence of the levy will further accelerate the expansion of mobile money services, contributing to the overall growth of Ghana's fintech sector.
Optimistic Future Outlook:
With rising consumer confidence in mobile money as a secure and convenient financial tool, coupled with the expansion of agent networks, Ghana's mobile money industry is expected to continue to thrive.
The removal of the E-Levy and the increasing adoption of mobile money services point to a bright future for the sector, making it a dominant player in the country's financial ecosystem.
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