The Bank of Ghana has released the latest Summary of Economic and Financial Data reflecting an amount of GHS354.1 billion recorded in Mobile Money Transactions for the month of August .

Comparing the figure to the GHS355.4 billion recorded in the month of June, there is a slight dip in what the month of August recorded.

Nonetheless, the data underscores the progressive dominance of mobile money payments in the country’s financial ecosystem.

The number of transactions climbed to 831 million in August, up from 778 million in July, reflecting the steady rise in the use of digital payment channels.

Registered mobile money accounts also grew to 77.7 million, with 25.1 million active accounts, highlighting progress in financial inclusion across Ghana.

Industry analysts say that although the overall value of transactions eased marginally, the consistent growth in transaction volumes and active users demonstrates deepening trust in mobile money for everyday payments, remittances, and business transactions.

In the first two months of the year, the mobile money industry saw a strong start with transactions hitting GH₵649.2 billion.

This marked a significant 64.68% increase compared to the same period in 2024, when mobile money transactions totaled GHS394.2 billion.

Data from the Bank of Ghana reveals that mobile money transactions in January 2025 amounted to GHS333 billion. However, the figure dropped slightly to GHS316.2 billion in February 2025.

The surge in transactions comes despite the presence of the Electronic Transaction Levy (E-Levy), which was scrapped by the new government last week. Analysts predict that with the levy removed, mobile money transactions could see further growth, strengthening Ghana’s financial technology ecosystem.

Meanwhile, mobile money usage continues to expand, with the number of registered accounts rising to 74.1 million, up from 66.9 million in early 2024. Despite this growth, only 411,000 out of 896,000 registered agents were actively processing transactions.

In 2024, Ghana recorded an all-time high of GHS3.0192 trillion in mobile money transactions, reflecting a year-on-year growth of 57.90%.

Earlier this year, the Bank of Ghana (BoG) clarified that MTN Ghana’s MobileMoney Limited has not been authorised to facilitate cross-border transactions with MTN Nigeria.

Contrary to reports suggesting otherwise, the Central Bank emphasized that no such license has been issued for international money transfers between the two subsidiaries.

In a statement addressing developments in Ghana’s fintech sector, the BoG explained that while MTN MoMo lacks approval for cross-border transactions, another regulated initiative is being piloted under its supervision. The initiative, BrijX—a B2B Currency Swap Platform developed by Brij Fintech Ghana—has been approved for testing within the BoG’s regulatory sandbox framework.

“Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions,” the statement read.

Unlike traditional remittance services, BrijX operates as a digital marketplace, allowing direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex transactions or the physical movement of funds. The platform integrates with banks, mobile money providers, and other licensed Payment Service Providers (PSPs) to enable seamless currency exchanges.

The BoG noted that BrijX, which commenced live testing in February 2025, initially involves MTN MoMo users and will soon be extended to G-Money customers. The pilot is subject to stringent regulatory controls, including transaction limits, restricted participation, a defined testing period, and strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

Following the pilot phase, the BoG was to evaluate BrijX’s performance to determine its compliance with Ghana’s financial regulations and its potential for wider adoption.

Reaffirming its commitment to secure and efficient financial services, the BoG assured stakeholders that it remains dedicated to fostering innovation while maintaining strong consumer protection measures.

General Secretary of the Mobile Money Agents Association of Ghana, Evans Otumfuo, has revealed that the introduction of the electronic transaction levy (E-Levy) led to the collapse of nearly 17,000 mobile money businesses nationwide.

In an interview with the media on Wednesday, Otumfuo stated that excessive taxation drained the working capital of many agents, ultimately forcing them out of business.

Following an internal survey, the association discovered that numerous agents shut down their operations due to repeated deductions on transactions, whether conducted through banks or among fellow agents.

“Momo agents at one point were subjected to various forms of levy deductions. We lost our working capital. It hasn’t been in the interest of our business so far. We received the cancellation of the E-Levy as good news, and we really look forward to its implementation,” he said.

Former President Akufo-Addo signed the E-Levy Bill into law on March 31, 2022. Subsequently, the Electronic Transaction Levy (E-Levy) was introduced to Ghanaians by the Finance Ministry on May 1, 2022.

Initially, the levy was set at 1.75% on all electronic transactions, including mobile money payments, bank transfers, merchant payments, and inward remittances. However, due to public opposition and concerns about its impact on low-income earners and small businesses, the rate was later reduced to 1%.

Its implementation faced significant public opposition, as many Ghanaians raised concerns about the financial burden it imposed. The levy was widely regarded as an additional strain on citizens, leading to widespread dissatisfaction.

However, in a recent development, the current Finance Minister, Dr. Cassiel Ato Forson, announced the abolition of the E-Levy as part of the 2025 budget to reduce the financial burden on Ghanaians and support economic recovery.

This decision has been welcomed by many Ghanaians, who view it as a much-needed relief from the financial strain caused by the levy.

Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, has raised concerns over the rising cases of mobile money fraud.

He explained that fraudsters are coming up with new ways to scam both mobile money vendors and users.

Speaking at the swearing-in ceremony of the new leaders of the Mobile Money Advocacy Group, Oppong pointed out that Ghana’s mobile money regulations have been recognized as the best in the world, which is a big boost for the fintech industry.

However, he emphasized the importance of protecting this sector from fraud.

Since mobile money was introduced in Ghana, it has made sending and receiving money much easier. But with this convenience has come the problem of fraud, with both vendors and customers becoming victims.

To raise awareness and protect people in the industry, the Mobile Money Advocacy Group was formed. Over the past eight years, the group has traveled across all 16 regions of the country to educate the public and mobile money operators about fraud.

Despite some progress, fraud continues to be a challenge as scammers keep finding new tricks. To further strengthen the fight against fraud, the Mobile Money Advocacy Group has elected new executives who will lead the group for the next four years.

Kwame Oppong assured that mobile money is benefiting the country and needs protection from fraudsters.

Edward Ofori Agyemang, the new president of the Mobile Money Advocacy Group, shared that the group is working closely with the police to ensure the safety of mobile money vendors.

He also provided security tips on how to protect mobile money accounts from scammers.