The Bank of Ghana (BoG) has reported that the total value of transactions of Mobile Money (MoMo) in the country increased by 82 percent, to GHs1.91 trillion in 2023, compared to GHS1.07 trillion in 2022.
The total volume of mobile money transactions also increased to 6.80 billion in 2023, representing a 35.0 percent growth on the volume recorded in 2022.
According to the Central Bank, the growth in both volume and value was mainly driven by the increased number of active mobile money users, which stood at 65.6 million in 2023, while active agents grew by 21 percent to 608,856.
The Central Bank observed that the top five transactions performed by users, according to value, were cash-in, cash-out, bank-to-wallet, wallet-to-bank and person-to-person transactions.
In a related development, a total of 15.23 million loans (a 24 percent increase) were disbursed at a value of GHS7.59 billion (37 percent growth), respectively, by Dedicated Electronic Money Issuers (DEMIs).

Every month, an average of 1.27 million loans valued at GHS632 million were disbursed, BOG reported.
The digital financial ecosystem saw a total of 181 license applications and product authorization requests by the Bank of Ghana in 2023, out of which seven license applications and 26 product authorizations were approved.
The credit products and services were underwritten by licensed banks and Specialized Deposit-Taking Institutions (SDIs) for their customers, in line with Section 30(1)(h) of the Payment Systems and Services Act, 2019 (Act 987).
According to the Central Bank, the performance of the SDIs and Other Licensed Institutions improved in 2023, despite the challenging macroeconomic environment, with deposits as the major source of funding for the sub-sector.
It was also observed that the combined assets of SDIs and Other Licensed Institutions stood at GHS22.63 billion at the end of December 2023, compared with GHS18.64 billion at the end of December 2022.