Mobile Money transactions in only 2 months of 2023 hit ¢264.1bn

The total value of Mobile Money transactions in the first two months of 2023 hit ¢264.1 billion, about 72.6% growth year-on-year.

This significant growth shows that Mobile Money transactions is hitting record highs despite the Electronic Transaction Levy (E-Levy).

In the first two months of 2022, total Mobile Money Transactions stood at 153 billion

According to the March 2022 Summary of Economic and Financial Data by the Bank of Ghana, Mobile Money transaction in January 2023 was estimated at ¢130.1 billion, compared with ¢76.2 billion during the same period in 2022.

It rose further to ¢134.0 billion in February 2023. This is against ¢76.5 billion during the same period in 2022.

Total Mobile Money transactions hit record ¢1.07trn in 2022

In 2022, total Mobile Money transactions hit a record ¢1.07 trillion.

This is compared with about ¢902.5 billion recorded in 2022

According to the data, the biggest transactions occurred in December 2022 and November 2022, whereby ¢122 billion and ¢117 billion respectively were recorded.

There were fears that the implementation of the E-Levy in May 2022 was going to affect Mobile Money transactions, but that was not the case.

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