Mobile money transactions hit ¢550.4bn in four months of 2023

• May 22, 2023

Total mobile money transactions for the first four months of 2023 surpassed ¢550 billion, about 66.2% year-on-year growth, data from the Bank of Ghana has revealed.

This is compared with ¢331.2 billion recorded during the same period in 2022.

If the trend continues, the total mobile money transactions for this year will once again exceed ¢1 trillion.

According to the May 2022 Summary of Economic and Financial Data by the Bank of Ghana, Mobile Money transactions in January 2023 were estimated 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).

The impressive growth in mobile money transactions comes despite the 1% Electronic Transaction Levy (E-Levy).

From the data, Mobile Money transactions have been surging since the implementation of E-levy in May 2022 at 1.5% rate.

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

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