In the first two months of 2025, Ghana’s mobile money transactions have witnessed a significant surge, reaching a total value of GH¢649.2 billion.
This marks an impressive 64.68% year-on-year growth compared to GH¢394.2 billion recorded during the same period in 2024.
According to the latest data from the Bank of Ghana (BoG), mobile money transactions amounted to GH¢333 billion in January 2025.
However, in February, there was a slight decrease, with the total falling to GH¢316.2 billion.
Despite this slight dip, the figures reflect a strong trend of growth in the sector overall.
The increase in transaction volumes comes on the heels of the recent abolition of the Electronic Transaction Levy (E-Levy) by the new government. Introduced in 2022, the E-Levy was designed to tax mobile money transfers, but it sparked widespread opposition and concerns about its negative impact on the sector.
With the repeal of the levy last week, analysts anticipate further growth in mobile money transactions, as the financial technology space benefits from a more favorable regulatory environment.
As of February 2025, the total number of registered mobile money accounts stood at 74.1 million, up from 66.9 million a year earlier.
Despite the increase in accounts, the number of active agents remained much lower, with approximately 411,000 active agents out of a total of 896,000 registered agents.
Looking at the broader picture, the mobile money sector has grown consistently in recent years.
In 2024, the total value of transactions hit a record GH¢3.0192 trillion, marking a 57.9% year-on-year growth. This reflects the ongoing expansion of mobile money services, which have become a critical part of Ghana’s financial infrastructure, especially in reaching unbanked populations.
The mobile money ecosystem has also seen a rise in digital financial services, with platforms increasingly supporting not just simple transfers, but also bill payments, savings, and loan products.
The sector’s growth reflects a broader trend in financial inclusion, where mobile money has become a key driver of economic participation for many Ghanaians, particularly in rural areas.
While mobile money transactions in the first two months of 2025 have exceeded expectations, there are still concerns around the challenges facing the sector. Despite the repeal of the E-Levy, there remain issues such as fraud prevention, network reliability, and consumer education
