The rapid adoption of mobile money and electronic platforms is transforming Ghana’s financial landscape, propelling the country toward a cashless economy.
Data from the Bank of Ghana highlights significant growth in key digital payment metrics, underscoring the increasing reliance on technology for financial transactions.
Mobile money accounts surge
The number of registered mobile money accounts in Ghana grew significantly, from 65.6 million in December 2023 to 73 million by the end of 2024.
This rise reflects the widespread availability and accessibility of mobile financial services across the country.
While the number of active accounts experienced some fluctuations, it remained robust, consistently exceeding 22 million throughout 2024.
This indicates that a large proportion of Ghanaians continue to rely on mobile money platforms for their daily financial transactions.
Transaction values hit record highs
The total value of mobile money transactions skyrocketed from GH₵199.3 billion in December 2023 to GH₵334.8 billion by the end of 2024, highlighting the platform’s vital role in facilitating economic activity.
Additionally, transactions conducted through Mobile Money Interoperability (MMI)—a system enabling seamless transfers between mobile money platforms—rose from GH₵2.3 billion in December 2023 to GH₵3.1 billion by the end of 2024.
The growth of MMI has enhanced convenience and promoted financial inclusion across diverse demographics.
E-Zwich and GIP see major gains
The e-zwich platform, Ghana’s national digital payment system aimed at promoting financial inclusion, recorded a significant increase in transaction value, reaching GH₵3,754.7 million by the end of 2024.
Similarly, Ghipss Instant Pay (GIP), a real-time interbank payment service, experienced notable growth in both transaction volume and value, reflecting its rising popularity among individuals and businesses seeking faster and more convenient fund transfers.
POS usage expands, ATM deployment declines
As more Ghanaians embrace digital payments, the deployment of Point of Sale (POS) terminals increased significantly from 12,491 in December 2023 to 16,618 by the end of 2024.
This rise indicates growing adoption of card-based transactions in retail and service sectors.
Conversely, the number of ATMs slightly decreased, from 2,287 in 2023 to 2,283 in 2024, signaling a gradual shift away from traditional cash withdrawals as mobile and online transactions gain prominence.
Internet banking gains traction
Internet banking in Ghana also saw remarkable growth, with the total transaction value surging from GH₵12.1 billion in December 2023 to GH₵33.5 billion by the end of 2024.
This sharp increase reflects a growing preference for digital banking solutions that offer convenience and efficiency.
Paving the way for a cashless economy
The Bank of Ghana’s latest figures demonstrate the country’s accelerating shift toward a cashless economy, with mobile money and digital platforms playing a central role.
The surge in transaction values across platforms such as MMI, e-zwich, and GIP highlights the increasing reliance on technology-driven financial solutions.
As digital payment systems continue to evolve, Ghana is well-positioned to achieve greater financial inclusion and economic growth in the coming years.
