The Rise of Fintech Transactions: Bank of Ghana’s Report

In financial technology (fintech), Ghana’s journey has been one of remarkable growth and resilience. The latest report from the Bank of Ghana unveils a fascinating narrative of progress, showcasing a significant surge in the value of local fintech transactions. Let’s delve into the key highlights of the report and explore the trends shaping the fintech landscape in Ghana.

Positive Growth Trajectory

The Bank of Ghana’s report reveals a striking uptick in the value of fintech transactions, signaling a promising trajectory for the industry. In 2023, fintechs processed transactions worth GH¢1.9 trillion, marking a substantial increase from the GH¢1.07 trillion recorded in 2022. This impressive growth underscores the growing adoption of fintech solutions and the increasing reliance on digital payment channels in the country.


Resilience Amid Challenges

Despite facing challenges such as the 1% electronic transfer levy, Ghana’s fintech sector exhibited remarkable resilience and adaptability. The report highlights a notable 12% increase in active 90-day customer accounts, reaching 22.8 million in 2023. Moreover, the number of registered customers surged to 65.6 million, with over 608,000 active agents serving the burgeoning market of digital financial services.

Mobile Money’s Ascendancy

One of the standout trends identified in the report is the meteoric rise of mobile money transactions. In 2023, mobile money transactions surged to GH¢199.3 billion, demonstrating a substantial growth trajectory compared to GH¢122 billion in 2022. Despite facing headwinds in 2022, particularly in May when transaction values slowed down, mobile money emerged as a resilient force amidst economic challenges, steadily gaining momentum in subsequent months.



The Bank of Ghana’s fintech report offers a compelling narrative of growth, resilience, and innovation within Ghana’s fintech ecosystem. The surge in transaction values, the resilience of digital payment channels, and the ascent of mobile money underscore the transformative impact of fintech on Ghana’s financial landscape. As the country continues its journey towards digitalization and financial inclusion, the insights gleaned from this report provide invaluable guidance for stakeholders and policymakers alike.

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