The total value of Mobile Money (MoMo) transactions in Ghana from January to April 2024 reached GH¢779.1 billion. This figure, reported by the Bank of Ghana in its latest economic and financial data release, is based on approximately 2.48 billion transactions conducted over the four months.
At the end of April 2024, the total value of funds held in MoMo wallets by both individuals and institutions stood at GH¢19.3 billion. It’s important to note that total transaction value includes every MoMo activity during the period, not just the money sitting in wallets.
In April alone, MoMo transactions amounted to GH¢203 billion, marking an increase of over
46% compared to April 2023. Similarly, the value of funds in MoMo wallets in April 2024 was also about 46% higher than the GH¢13.2 billion recorded in April 2023. April 2024 saw the highest transaction values of the year so far.
Over the first four months of 2024, the total transaction value was 41.5% higher than the GH¢550.4 billion recorded during the same period in 2023. Mobile Money has emerged as Ghana’s leading non-cash payment method due to its convenience and ease of use.
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While the total MoMo transaction value reached GH¢779.1 billion, the value of cheques cleared in the same period was only GH¢115.2 billion, reflecting a significant difference of GH¢663.9 billion. MoMo’s widespread adoption has greatly enhanced financial inclusion in Ghana.
Its less stringent Know-Your-Customer (KYC) requirements compared to traditional bank accounts have made it accessible to a broader population, allowing individuals to borrow money and access various financial services, including insurance. Additionally, GhanaPay, a mobile money service provided by financial institutions, offers an even wider range of financial services.
As of the end of April 2024, there were 68.2 million registered MoMo accounts in Ghana, with about 23.9 million of these being active. There were also around 838,000 registered MoMo agents, of which 612,000 were active.
MoMo’s role in boosting financial inclusion is not limited to Ghana but extends across Sub-Saharan Africa. Initially pioneered by mobile network operators in East Africa, mobile money services have expanded significantly.
By 2022, all 12 of the world’s economies where more adults have a mobile money account than a traditional bank account were in Sub-Saharan Africa, according to a World Bank report on the impact of mobile money in the region.
