Ghana: Total Mobile Money Transactions Hit ¢1.190trn in 8 Months of 2023 – BoG

Accra, Ghana//-Total Mobile Money (MoMo) transactions in the first eight months hit a record ¢1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana.

This is compared with ¢655.97 billion recorded during the same period in 2022.

According to the figures from the Central Bank, the month of July 2023 recorded the biggest mobile money transaction of ¢169.6 billion.

From the figures, month-on-month mobile money transactions have been exceeding ¢130 billion.

This pre-supposes that the government should be able to meet the Electronic Transfer Levy (E-Levy) target for 2023.

According to the September 2023 Summary of Economic and Financial Data by the Bank of Ghana, mobile money transactions in January 2023 stood at ¢130.1 billion, compared with ¢76.2 billion during the same period in 2022.

It surged to ¢134.0 billion in February 2023 (February 2022: ¢76.5 billion) and subsequently to ¢147.5 billion in March 2023 (March 2022: ¢90.5 billion).

It, however, fell to ¢138.8 billion in April 2023 (¢87.7 billion), but shot up to ¢159.7 billion in May 2023 (May 2022: ¢71.4 billion) before declining slightly to ¢149.4 billion in June 2023 (June 2022: ¢77.1 billion).

But it achieved a record transaction of ¢169.6 billion in July 2023, before declining to ¢161.8 billion in August 2023.

On January 11, 2023, the government reduced the tax rate on electronic transactions from 1.5% to 1.0%.

Despite the growth in mobile money transactions, revenue has been well below the government’s expectations.

Meanwhile, the total value of Mobile Money Interoperability for the first six months was estimated at ¢22.795 billion.

The biggest transaction of ¢3.158 billion occurred in April 2023.