Mobile money has become an integral part of everyday life in Ghana, with millions of people using it to send and receive funds. Prior to the introduction of mobile money interoperability, transactions were limited to within the same network. The Ghana Interbank Payment and Settlement Systems (GhIPSS), a subsidiary of the Bank of Ghana, developed the interoperability system, which was commercially launched in 2018. The system enables seamless transfers between different mobile money wallets and bank accounts.
The introduction of mobile money interoperability has significantly expanded financial inclusion in Ghana. By the end of 2025, there were 26.6 million active mobile money accounts, facilitating 9.70 billion transactions valued at GH¢4.54 trillion. Registered accounts reached 80.5 million, more than twice Ghana's population, although many people hold accounts on multiple networks. The growth in mobile money usage can be attributed to various factors, including the expansion of agent networks, increased smartphone use, and the rise of digital payments during the COVID-19 period.
The interoperability system operates by creating a common language that allows different financial institutions to communicate with each other. When a user initiates a transfer from their wallet or banking app, the system identifies the destination network or bank and routes the transaction through GhIPSS. The system handles wallet-to-wallet transfers, wallet-to-bank transfers, and bank-to-wallet transfers, making it possible for users to move money freely between networks and accounts.
The Bank of Ghana provides regulatory oversight, ensuring that transactions are secure, consumer funds are protected, and operators comply with the rules. The central bank has been actively involved in shaping the mobile money ecosystem, including intervening in a proposed fee on direct wallet-to-bank transfers. In May 2026, Mobile Money Fintech Limited (MMFL) announced a proposed 0.75 per cent fee on direct wallet-to-bank transfers, but the Bank of Ghana directed MMFL to suspend the fee to allow for further consultations.
The proposed fee on wallet-to-bank transfers had sparked concerns about the impact on consumers. The Bank of Ghana's intervention reflected its commitment to ensuring that any changes to charges in the mobile financial services ecosystem are introduced fairly and protect consumers. As of now, the proposed fee has not been implemented, and it remains to be seen whether it will be introduced in some form after consultations.
The growth of mobile money in Ghana has been remarkable, with transactions reaching unprecedented levels. In 2017, the year before interoperability launched, Ghana had about 8.3 million active mobile money accounts. The introduction of interoperability has removed a critical barrier to the growth of mobile money, enabling users to move money freely between networks and accounts. The system has also facilitated financial inclusion, allowing more people to access financial services.
As mobile money continues to play a vital role in Ghana's financial landscape, understanding how interoperability works and what it costs is essential for users. The system's impact on financial inclusion and economic growth will likely continue to be significant. Key institutions involved in the system include the Bank of Ghana, GhIPSS, mobile money operators (MTN, Telecel, AT), and licensed banks.
Key points
- Mobile money transactions in Ghana reached GH¢4.54 trillion in 2025, with 26.6 million active accounts and 491,060 active agents.
- The mobile money interoperability system was commercially launched in 2018.
- The Bank of Ghana provides regulatory oversight of the payment system under the Payment Systems and Services Act, 2019 (Act 987).
