According to the latest data from the Bank of Ghana, the total value of mobile money transactions reached an unprecedented GH₵365 billion in April. That’s a 3.8% jump from March’s GH₵351.7 billion, marking the highest monthly total so far this year.
Industry experts point to a mix of long-term growth and a major policy shift: the repeal of the Electronic Transfer Levy (E-Levy) in March. Once a controversial charge on mobile transactions, the E-Levy’s removal has seemingly unshackled higher-value transfers, encouraging more Ghanaians to go digital with their money.
It’s not just about the money, though, the number of mobile money transactions also climbed, from 764 million in March to 778 million in April. That’s nearly 25 million more taps, transfers, and payments made through mobile wallets in just one month.
“People are trusting the system more, it’s easier to use, and now they’re not being penalized for sending money,” said a financial analyst based in Accra. “This is what digital inclusion should look like.”
The Bank of Ghana’s Summary of Economic and Financial Data for May paints a broader picture of growth. Active mobile money accounts hit 24.2 million, while registered accounts soared to 75.2 million. Interoperability, the ability to send money across networks also took a leap, with transactions rising from GH₵3.2 billion in March to GH₵4.0 billion in April.
This isn’t just about urban tech adoption either. Experts say mobile money is redefining financial access in rural and underserved communities, where traditional banking often falls short.
“Mobile money has gone from being a convenience to being a lifeline,” says one fintech advocate. “With policies that support innovation instead of punishing it, we’re seeing a real transformation.”
