MoMo Transactions Hit GH¢550.4Bn In 4 Months

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

This is compared with GH¢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 GH¢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 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).

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.