The total value of financial transactions made through mobile devices in Ghana rose by 51.76% to GH¢3.02 trillion ($196.7bn) in 2024.
In the corresponding period of 2023, that value stood at GH¢1.99 trillion ($130.53 billion).
Additionally, the aggregate volume of mobile transfers in 2024 grew to eight billion according to data from the Bank of Ghana (BoG).
The number of registered mobile money accounts also witnessed a steady increase, rising from GH¢65.6 million ($4.29 million) in December 2023 to GH¢73 million ($4.79 million) by the end of 2024.
This development follows the introduction of a 1.5% tax on electronic transfers in August 2024, a move the Ghanaian government said would help raise $900 million in much-needed revenue. Although the policy was met with widespread criticism, it appears to be paying off.
The surge in key payment system indicators highlights increasing mobile money adoption as the West African country transitions to a cashless economy.
A closer look at the January 2025 Summary of Economic and Financial Data report reveals that 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.
Similarly, the total volume of transactions rose from 657 to 745 during the same period.
While the number of active accounts fluctuated, it remained consistently high, exceeding 22 million throughout the year, suggesting sustained engagement and reliance on mobile money for daily transactions.

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Financial transactions conducted through Mobile Money Interoperability (MMI) maintained an upward trajectory, leaping 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 enables seamless transfers across different mobile money platforms, enhancing convenience and supporting financial inclusion.
The e-zwich platform, a national digital payment system, saw a notable rise in transaction value, reaching GH¢3.75million ($246,611) by the end of the year.
The GHIPSS Instant Pay (GIP), a real-time interbank payment system, also showed impressive growth in both transaction value and volume, highlighting its growing popularity for faster, more efficient fund transfers.
While the number of ATMs deployed decreased slightly from 2,287 at the end of 2023 to 2,283 by the close of 2024, the number of point-of-sale (POS) terminals increased significantly, rising from 12,491 in 2023 to 16,618 by the end of 2024.
Furthermore, the total value of transactions through internet banking more than doubled, jumping from GH¢12.1 billion ($794.6 million) in December 2023 to GH¢33.5 billion ($2.20 billion) by the end of 2024.