Cashlite agenda on course, as mobile money, others see growth

Ghana’s move towards a cashlite economy continues with significant growth in its digital payment ecosystem, led by mobile money platforms.

Bank of Ghana data reveals mobile money transaction volumes surged from 615 million to 728 million, with their value climbing 67% to GH¢298.6 billion by October 2024.

Registered mobile money accounts grew by 12.3%, reaching 71.9 million, though active accounts showed modest growth. However, active mobile money agents declined despite an increase in registered agents.

Other payment systems like Ghipps Instant Pay (GIP) and E-zwich also showed remarkable performance, with GIP transaction values soaring 244% to GH¢41.5 billion.

ACH and internet banking recorded steady growth, while traditional systems like cheques remained relevant for high-value transactions.

Despite progress, challenges like uneven infrastructure growth and declining active agents persist.

Observers suggest targeted interventions to maintain momentum and align with global non-cash transaction growth.