Source: newsthemegh.com
Ghana experienced a historic spike in mobile money transactions in the first two months of 2024, with a total value of GH¢394.2 billion.
The GH¢264.1 billion recorded over the same period in 2023 was significantly more than this, according to the Bank of Ghana’s March 2024 Summary of Economic and Financial Data.
The value of mobile money transactions reached GH¢198.4 billion in January 2024 alone, and then jumped to GH¢195.8 billion in February 2024.
These numbers were reached in spite of the Electronic Transaction Levy (E-Levy) being implemented.
With 618 million transactions in January 2024 and 609 million in February 2024, the sheer amount of transactions was similarly impressive.
Additionally, there was a significant increase in the quantity of active mobile money accounts, with an estimated 22.9 million in January 2024 and similar numbers in February.
The Ghanaian mobile money transactions hit GH¢1.912 trillion in 2023, a record high, according to the Bank of Ghana’s January 2024 Summary of Economic and Financial Data.
This represented a significant rise over the GH¢1.07 trillion of 2022.
According to the report, there had been GH¢1.527 trillion worth of Mobile Money transactions by the end of the first ten months of 2023.
December 2023 saw GH¢199.3 billion in transactions, the largest monthly value ever reported.
All twelve months of the year saw a rise in mobile money transactions exceeding GH¢100 billion.
The value was GH¢130.1 billion in January 2023 as opposed to GH¢76.2 billion in the same month the previous year in 2022.
With GH¢179.2 billion in transactions, October 2023 broke previous records.
With the current E-Levy rate of 1.0%, it is still unclear whether the government is fulfilling the 2023 target for the Electronic Transfer Levy (E-Levy) despite this performance.