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Introduction
Mobile money transactions (MoMo) are not new to Ghanaian mobile users. They afford customers the chance to send money from their mobile wallets to their loved ones in any part of the country, including the remotest places.
Over the years, mobile money has changed transactions, with several users considering it simple and safe to use. Some users also prefer mobile money transactions over carrying huge amounts of cash.
In a post on X on Feb. 27, 2025, SeanReezy claimed users could perform inter-country mobile money transactions. The post garnered over 141,000 views, significant engagement, and comments from several users seeking clarification on its operation. DUBAWA sought to clarify and highlight the “new payment feature.”
History of Mobile Money in Ghana.
Mobile money is a financial service accessible to every mobile network user. It allows users to send money or funds, receive money domestically and from abroad, and pay bills in the comfort of their palms in every location nationwide.
MTN Ghana first introduced it in 2009. In partnership with Universal Banks, MTN launched the maiden mobile-friendly transaction, MTN Mobile Money (MoMo). Airtel followed with Airtel Money in 2010 and Tigo Cash in 2012. Airtel Money and Tigo Cash merged in 2019 to become AirtelTigo. Vodafone Ghana launched its Vodafone Cash brand in Ghana in August 2015.
Changes over the years
The Bank of Ghana issued the Electronic Money Issuers Guidelines (EMIG) and Agent Guidelines (AG) in 2015. This permitted non-bank entities like telecommunication companies to operate subsidiaries licensed by the Bank of Ghana to issue electronic money. Telecommunications operators seized the opportunity and invested hugely in this venture. This saw a significant rise in mobile money accounts. According to the Bank of Ghana, mobile money accounts grew from 3.78 million in 2012 to 7.17 million in 2014. Also, the total volume of transactions increased from 18.0 million to 113.18 million within the same period.
Over the years, mobile money transactions in Ghana have increased and grown from intra-network transactions—MTN to MTN—to inter-network transactions. In May 2018, the Bank of Ghana launched the first phase of Mobile Money Interoperability (MMI). This service allowed users to transfer and receive money across all networks. It also permitted transfers from mobile wallets or networks to bank accounts and vice versa.
Current usage and value of Mobile Money
According to the Bank of Ghana’s Summary of Economic and Financial Data, Jan. 2025, there were 73.0 million registered mobile money accounts by Dec. 2024. This is an increase compared to the 65.6 million registered mobile money accounts in December 2023. Of the 73.0 million registered mobile money accounts, 23.5 million were active, a significant increase from the 22.8 million active accounts in December 2023.
The total number of transactions rose from 657 million in December 2023 to 745 million by December 2024. The transactions were valued at GH¢334.8 billion by Dec. 2024, an increase from GH¢199.3 billion in the previous year.
Table 11 on page 13 of the Summary of Economic and Financial Data. Image Source: Bank of Ghana
New inter-country feature
There is no new feature if you look at the various “send money” options on Vodafone Cash and AirtelTigo Money’s interfaces. However, beginning in March 2025, MTN has introduced option 7 (Cross Border Payment) on the “transfer money” interface after a user selects “Transfer Money.” Selecting “Cross Border Payment” takes a user to two options: “transfer to wallet” and “infos.”
The transfer to the wallet takes the user to the following interface, with “Nigeria” as the only option. The user is asked to input the receiver’s Nigerian number (234xxxxx). According to MTN, the receiver in Nigeria must have the MoMo PSB App installed on their phone to receive the transfer.
Screenshot of a successful transaction. Image Source: DUBAWA
On the other hand, selecting the “infos” (option 2) takes the user to a list of four countries: Ivory Coast, Nigeria, Cameroon, and Benin. Choosing any of the options displays a pop-up:
“Dear customer, we are having challenges activating your account. Please visit the nearest MTN Shop for Assistance. Thank you.”
Charge on transactions
Mobile money transactions cost the user money. Vodafone Cash charges no fee for transactions except the mandatory Electronic Levy (E-Levy) introduced by the government of Ghana in May 2022.
For MTN mobile money, users pay a 1% service charge for transactions above GH¢100 and the mandatory 1% E-Levy charge. For the new Cross Border Payment, MTN charges 4% of the transaction amount.
Conclusion
Although mobile money transactions have been around for some time, transactions have been to and from various networks, bank accounts, and other mobile wallet services. MTN has initiated an inter-country transaction. This service is now available to MTN users in Ghana and Nigeria.
