The total value of Mobile Money transactions reached a record level in 2023.
According to the January 2024 Summary of Economic and Financial Data by the Bank of Ghana, total mobile money transactions hit GH¢1.912 trillion last year.
This is compared with GH¢1.07 trillion in 2022.
In the first 10 months of 2023, the total Mobile Money transactions had reached a record GH¢1.527 trillion.
The figures from the Bank of Ghana showed that December 2023 recorded the biggest mobile money transaction value of GH¢199.3 billion.
The data also revealed that total mobile money transactions surged consistently from January 2023 to December 2023. All the 12 months recorded more than GH¢100 billion respectively.
In January 2023, the value of mobile money transactions stood at GH¢130.1 billion, compared with GH¢76.2 billion during the same period in 2022.
It surged to GH¢134.0 billion in February 2023 (February 2022: GH¢76.5 billion) and subsequently to GH¢147.5 billion in March 2023 (March 2022: GH¢90.5 billion).
It however, fell to GH¢138.8 billion in April 2023 (GH¢87.7 billion), but shot up to GH¢159.7 billion in May 2023 (May 2022: GH¢71.4 billion) before declining slightly to GH¢149.4 billion in June 2023 (June 2022: GH¢77.1 billion).
But it achieved a then-record transaction of GH¢169.6 billion in July 2023, before declining to GH¢161.8 billion in August 2023. It again fell to GH¢157.0 billion in September 2023 (GH¢88.2 billion: September 2022) before hitting an all-time record of GH¢179.2 billion in October 2023.
It then surged to GH¢185.9 billion in November 2024.
Despite the impressive performance of mobile money, it is unclear whether the government is meeting the Electronic Transfer Levy (E-Levy) target for 2023.
The current E-levy rate is 1.0%.
| MONTH | 2022 (BILLION) | 2023 (BILLION) |
| January | ¢76.2 | ¢130.1 |
| February | ¢76.5 | ¢134.0 |
| March | ¢90.5 | ¢147.5 |
| April | ¢87.7 | ¢138.8 |
| May | ¢71.4 | ¢159.7 |
| June | ¢77.4 | ¢149.4 |
| July | ¢89.1 | ¢169.6 |
| August | ¢87.1 | ¢161.8 |
| September | ¢88.8 | ¢157.0 |
| October | ¢100.2 | ¢179.2 |
| November | ¢185.9 | |
| December | ¢199.3 | |
| TOTAL | ¢1.07 trillion | ¢1.912 trillion |
Source: Joy Business
