Mobile money transactions hit 1,046 million in August, says Bank of Ghana

Mobile money remains the cornerstone of Ghana's digital economy, with the Bank of Ghana reporting a record 1,046 million transactions in August 2026. This volume represents a significant milestone, reinforcing the platform's status as the primary medium for financial exchange in the country. The total value of these transactions reached GH₵518.8 billion for the month, dwarfing all other digital payment channels and reflecting the deep integration of mobile financial services into the daily lives of Ghanaians.

While mobile money continues to lead in absolute terms, the Ghana Interbank Payment and Settlement Systems (GhIPSS) Instant Pay is emerging as a rapidly growing competitor. Instant Pay recorded transactions valued at GH₵95.1 billion, making it the second-largest payment channel behind mobile money. Notably, Instant Pay’s growth rate of 61% in transaction value outpaced mobile money’s 47% increase, signaling a shifting preference among users for high-speed interbank transfers. Other traditional and digital channels followed, with internet banking transactions totaling GH₵41.5 billion and cheques accounting for GH₵35.5 billion.

Despite the high volume of transactions, the data reveals a substantial disparity between account registration and actual usage. Out of the 85.8 million registered mobile money accounts in the country, only 26.4 million were classified as active during the period. This gap suggests a significant opportunity for mobile network operators and financial institutions to convert dormant users into active participants in the digital ecosystem. The concentration of transactions among a smaller active user base also underscores the intensity of digital financial activity within certain segments of the population.

The rapid expansion of digital payments has prompted calls for enhanced security measures to protect consumers from emerging threats. Shaibu Haruna, CEO of MobileMoney Fintech Limited, highlighted the necessity of cross-industry collaboration to combat digital financial fraud while managing these significant transaction volumes. As transaction counts continue to climb, industry leaders emphasize that maintaining trust in the ecosystem is critical for long-term sustainability. The ongoing competition between mobile money providers and traditional banks, fueled by the rise of Instant Pay and internet banking, is expected to drive further innovation and improved service delivery across the financial sector.