Mobile Money: The Backbone of Ghana’s Financial System
Mobile money has cemented its position as the core of Ghana’s financial infrastructure, experiencing a remarkable surge in usage and transaction volumes. In 2024, mobile money transactions reached GH¢3.02 trillion, supported by over 24 million active users. According to the Bank of Ghana (BoG), this evolution has fundamentally reshaped how the nation conducts economic activities, manages payments, and saves money.
Mobile Money’s Transformative Growth
Speaking at the MOBEX Africa Tech Expo and Innovation Conference 2025 in Accra, the Second Deputy Governor of the BoG, Matilda Asante-Asiedu, highlighted the pivotal role of mobile money. It now constitutes half of all formal payment flows within Ghana. This represents significant growth from the GH¢266 million in transactions recorded in 2015, demonstrating a decade of transformative progress. Asante-Asiedu emphasized that Ghana’s payment ecosystem has transitioned into a digitally-driven infrastructure, effectively connecting households, retailers, and small enterprises throughout the country. Furthermore, regional initiatives such as the Pan-African Payments and Settlement System (PAPSS) indicate a broader movement towards independent and accessible digital financial solutions. PAPSS currently connects over 150 banks and multiple payment service providers, promoting seamless cross-border transactions and furthering financial inclusion across the continent.
In conclusion, the exponential growth of mobile money in Ghana signifies a profound shift towards a digital-first economy. With increasing transaction volumes, widespread adoption, and the integration of regional payment systems like PAPSS, mobile money is poised to further revolutionize financial services and contribute to economic development.
Keywords
Related Keywords: Mobile money, Asante, Ghana fintech, digital finance, financial inclusion, mobile payments, Africa fintech, mobile money platform, financial system backbone, digital economy Ghana
