Mobile money increases to GHS1.91 trillion in 2023

The Bank of Ghana (BoG) has reported that the total value of transactions of Mobile Money (MoMo) in the country increased by 82 per cent, to GHs1.91 trillion in 2023, compared to the GHS1.07tn in 2022

Transaction volume also rose by 35%, totaling 6.80 billion. This growth was attributed to the rising number of active users, reaching 65.6 million, and agents, totaling 608,856. Top transactions included cash-in, cash-out, bank-to-wallet, wallet-to-bank, and person-to-person transfers.

Additionally, Dedicated Electronic Money Issuers (DEMIs) disbursed 15.23 million loans valued at GH₵7.59 billion, marking a 24% increase in volume and 37% growth in value.

The digital financial ecosystem saw 181 license applications, with seven licenses and 26 product authorizations approved.