The Bank of Ghana has noted a positive growth in the value of local financial technology (fin-tech) transactions. As at last year, the rate at which fintechs processed payments increased by 79% against the 2022 figure of GH¢1.07 trillion. The 2023 financial year however saw a jump of GH¢1.9 trillion in total transaction value.

Despite concerns with the 1% electronic transfer levy, the year 2023 saw a 12% increase in the active 90 day customer accounts by 22.8 million whiles registered customers that year stood at 65.6 million; 608k active agents over 816k registered agents. Mobile Money also saw a significant growth in transaction in 2023 by GH¢199.3 billion against GH¢122 billion in 2022. The 2022 period was a rocky year with the value of mobile money transactions slowing down in May at GH¢71.4 billion but began to pick in subsequent months in the midst of difficult economic challenges in the country.

You can read the Bank of Ghana’s Fintech Report here: