Both Mobile Money Interoperability (MMI) transaction values and volumes recorded a 24.0 per cent growth in 2023, the Bank of Ghana’s Payment Systems Oversight Annual Report 2023 reveals.

It says Wallet-to-Wallet transactions remained the dominant transaction type for 2023, with the product accounting for 83.0 per cent of total transaction value for the year.

Wallet-to-Account transactions accounted for 17.0 per cent of transactions for 2023.

Transferring funds from one wallet to another remains the largest use case for mobile money interoperability, it noted.

Meanwhile, the report says the total volume of mobile money transactions increased from 5.07 billion in 2022 to 6.81 billion in 2023 representing a 34.30 per cent growth.

The total value of transactions, however, increased significantly by 79.07 per cent from GH¢1.07 trillion in 2022 to GH¢1.92 trillion in 2023.

Active e-money customers also grew over the same period by 2.64 per cent.

Similarly, active agents recorded a strong growth of 20.54 per cent from 505,122 to 609,000 agents by the close of the year.

The growth in total transactional activities, according to the bank, was driven by an increase in wallet usage by active mobile money customers.

The top five transactions performed by users, according to value, included the following: cash-in, cash-out, bank-to-wallet (B2W), wallet-to-bank (W2B) and person-to-person (P2P) transactions.

These accounted for 42 per cent of total transaction values for 2023. Market share ranking on active customers and active agents remained unchanged.