The total volume of Mobile Money (MoMo) transactions recorded in 2023 reached 6.81 billion, according to a report from the Bank of Ghana.

In its 2023 Payment Systems Oversight Annual Report, the total volume of mobile money transactions grew to 6.81 billion in 2023, up from 5.07 billion in 2022, representing a 34.4% increase.

Furthermore, the total value of transactions also saw a significant rise of 79.0% to GH¢1.92 trillion in 2023, compared to GH¢1.07 trillion in 2022.

"The rise in overall transactional volume was due to a surge in wallet usage among engaged mobile money customers. The top five transactions performed by users according to the value of transactions included: cash-in, cash-out, bank-to-wallet (B2W), wallet-to-bank (W2B), and person-to-person (P2P) transactions," the report explained.

Collectively, these transactions represented 42.0% of the total transaction values recorded in 2023.

Additionally, Mobile Money Interoperability (MMI) transaction values and volumes both recorded a 24.0% growth in 2023.

The report also noted a 2.6% growth in active mobile money customers and a 21% increase in agents for the period.

Also, the number of registered internet banking and mobile banking customers increased by 16.6% and 51.5%, respectively in 2023. Transaction volumes for both channels also saw growth, with internet banking up by 30.7% and mobile banking by 2.5%.

Throughout the years, Mobile Money services continue to play a crucial role in improving the efficiency of cash transactions in Ghana.

See the full report below:



MA