According to the Bank of Ghana’s January 2024 Summary of Economic and Financial Data, the total value of Mobile Money transactions in Ghana reached an all-time high of GH¢1.912 trillion in 2023. This significant increase from the previous year’s GH¢1.07 trillion indicates the growing popularity and usage of Mobile Money in the country.
The data further revealed that by the end of the first 10 months of 2023, total Mobile Money transactions had already reached GH¢1.527 trillion. The month of December 2023 witnessed the highest monthly transaction value, with transactions amounting to GH¢199.3 billion.
Throughout the year, Mobile Money transactions consistently surged, with all 12 months surpassing GH¢100 billion each. In January 2023, the value of transactions stood at GH¢130.1 billion, compared to GH¢76.2 billion during the same period in 2022. October 2023 set an all-time record with transactions reaching GH¢179.2 billion.
Although the impressive performance of Mobile Money transactions in 2023 is commendable, there are uncertainties regarding the government’s achievement of the Electronic Transfer Levy (E-Levy) target. The current E-Levy rate of 1.0% may pose challenges in meeting the set target for 2023.
Overall, the surge in Mobile Money transactions highlights the increased reliance on digital financial services in Ghana and sets the stage for further growth and innovation in the mobile payment sector in the coming years.
Source: Ngamegbulam Chidozie Stephen
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