Mobile Money Transactions Skyrocket After E-Levy Removal
Ghana's digital payment ecosystem recorded unprecedented growth as mobile money transactions reached GH¢3.6 trillion between January and October 2025, according to Bank of Ghana data. This explosive growth follows the complete surge in 2024 when mobile money transactions hit GH¢3.0192 trillion, representing a 58 percent increase from the previous year.
The removal of the Electronic Transfer Levy (E-Levy) in April 2025 proved to be a catalyst for this dramatic expansion. The tax had previously discouraged digital transfers, and transaction volumes climbed rapidly following its repeal.
Industry Leaders Push for Domestic Infrastructure
The massive transaction volumes have reignited discussions about whether Ghana should develop its own payment infrastructure or continue relying on foreign platforms. At the 3i Africa Summit in Accra in May, Adeline Aryee, Director of the Financial Institutions Group at Fidelity Bank Ghana, made a compelling case for domestic solutions.
"It is time to create our own rails," she told the panel, framing digital infrastructure as a national asset tied to economic sovereignty.
Aryee argued that routing local transactions through external platforms strains African currencies while domestic systems such as Gh-link remain underutilized. Her comments reflect growing concerns about value retention within Ghana's rapidly expanding digital economy.
Government Positions Fintech as Economic Driver
Ghana possesses substantial infrastructure to support domestic payment systems. Mobile penetration exceeds 130 percent, while the Ghana Card provides a national digital identity system that accelerates user onboarding processes.
Communications and Digital Technology Minister Samuel Nartey George has positioned fintech as a tool that must improve livelihoods across sectors, from paying farmers to financing small businesses. Government officials are consolidating various digital initiatives into a comprehensive national framework supported by a planned Data Harmonisation Bill.
Strategic Framework and Regional Ambitions
The Bank of Ghana's National Payment Systems Strategy for 2025 to 2029 outlines plans for enhanced interoperability and open banking systems. Updated guidelines for inward remittances, introduced in 2025, aim to make international transfers faster and more transparent.
Cross-border opportunities present significant potential for domestic payment rails. Ghana and Rwanda are collaborating on payment integration initiatives, while the Pan-African Payment and Settlement System (PAPSS), developed under the African Continental Free Trade Area (AfCFTA), offers a continental network through which Ghanaian payment systems could operate at scale.
Competitive Pressure from Global Players
Industry analysts warn that global technology companies with substantial financial resources are expanding into African finance. The competitive landscape suggests that whoever establishes dominance in payments and data typically maintains that market position.
The critical question facing Ghana centers on whether the country will own the digital infrastructure that powers its economy or continue building on foreign platforms where profits ultimately leave the country. With mobile money transactions showing no signs of slowing down, the window for establishing domestic dominance may be narrowing.
The success of Ghana's approach could influence broader technological sovereignty discussions across Africa, as other nations grapple with similar questions about digital infrastructure ownership and economic value retention.