Bank of Ghana (BoG) has announced that mobile money (MoMo) transactions have increased by GH¢137.4 billion in October year-on-year.As at the end of October, MoMo transactions had hit a record GH¢3.6 trillion. This was revealed in the Central Bank’s latest Economic and Financial Data released after last week’s Monetary Policy Committee meeting.

The figure represents the total reported by telecom operators to the Bank of Ghana covering transactions from January to October 2025. The report also indicated a month-on-month increase in transactions, with a record GH¢406 billion increase from September to October, highlighting that more people are using mobile money and moving more money as the year goes on.

In the first 10 months of 2024, the total value of mobile money transactions hit GH¢2.368 trillion.The 2025 figure, therefore, marks a significant jump over last year’s performance. For context, total transactions for the same period in 2023 stood at GH¢1.367 trillion. In the first eight months of 2024 alone, mobile money transactions amounted to GH¢1.775 trillion.

This increase has been attributed to growing preference for MoMo among Ghanaians used for payments. Also, several institutions have now accepted MoMo as a mode of payment for goods and services, while BoG and other commercial banks have intensified efforts to promote a cashless economy with the introduction of their e-banking services, among others.

Consequently, analysts have asserted that these developments have contributed to the surge in total transaction value. On the performance of MoMo, BoG’s data shows that as of October 2025, total registered mobile money accounts stood at 79.1 million, with 25.3 million active. The sector employs about 949,000 registered agents. Total transactions from January to October 2025 reached 893 million. Regarding mobile money interoperability, GH¢40 billion was transferred across platforms within the same period.

BoG, in its latest Summary of Economic and Financial Data, reported that mobile money transactions for the month of August amounted to GH¢354.1 billion.Comparing the figure to the GH¢355.4 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 GH¢394.2 billion.

Data from the Bank of Ghana reveals that mobile money transactions in January 2025 amounted to GH¢333 billion. However, the figure dropped slightly to GH¢316.2 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 GH¢3.0192 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 licence 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.