Mobile money in Ghana passes three trillion-dollar-mark, volume expected to surge following government removal of transaction tax




While adoption of mobile money continues to do poorly in the Caribbean region, in Ghana the payments portal continues to grow as if on steroids.

Graphic Business reports that In 2024, total mobile money transactions reached an unprecedented GH¢3.0192 trillion in Ghana, reflecting a 57.90 per cent year-on-year growth. With the removal of the E-Levy, experts predict that Ghana’s mobile money market will expand at an even faster pace in the coming months.

The Ghanareport.com notes that effective April 2, 2025, the Ghana Revenue Authority (GRA) has officially declared the immediate abolition of the controversial 1 per cent Electronic Transfer Levy (E-Levy).

This decision follows the President’s approval of the Electronic Transfer Levy Act, 2022 (Act 1075) and its Amendment Act, 2022 (Act 1089) on April 2, 2025, paving the way for its complete removal.

Effective midnight, April 2, 2025, all financial institutions and payment platforms must cease applying the levy and promptly refund any deductions made beyond this date.

The directive, issued by Edward Apenteng Gyamerah on behalf of the Commissioner-General, mandates that all Charging Entities update their systems to ensure transactions reflect “no charge.”

To guarantee adherence, the GRA said it will conduct routine compliance checks and enforce legal action where necessary.

Graphics.com meanwhile notes that Ghana’s mobile money sector has recorded a surge in the first two months of 2025, reaching a total transaction value of GH¢649.2 billion, according to data from the Bank of Ghana (BoG). the

This marks a 64.68 per cent year-on-year increase, reflecting the rapid adoption of digital financial services across country.

In January 2025, mobile money transactions amounted to GH¢333 billion, before experiencing a slight decline to GH¢316.2 billion in February 2025. Despite the month-on-month dip, the overall figures indicate a sustained upward trend in mobile money adoption.

Comparatively, in the same period of 2024, mobile money transactions were valued at GH¢394.2 billion. The sharp increase in transaction volumes highlights growing consumer confidence in mobile money as a convenient and secure financial transaction method.

Growth of Ghana’s mobile money sector is further demonstrated by the increasing number of registered accounts. As of February 2025, the total number of registered mobile money accounts stood at 74.1 million, up from 66.9 million during the same period in 2024.

Moreover, the number of registered mobile money agents reached 896,000, with 411,000 active agents providing financial services across the country. These agents play a vital role in enhancing financial inclusion, especially in rural and underserved communities, where access to traditional banking services remains limited.

Optimistic outlook for Ghana’s Mobile Money industry

The abolition of the E-Levy is expected to drive further growth in mobile money transactions, bolstering Ghana’s fintech landscape. With increasing trust in digital financial platforms and the expanding agent network, mobile money is poised to remain a dominant force in Ghana’s financial sector.

Source: www.graphic.com and the Ghanareport.com

Photograph from e-playafrica.com

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