Mobile money transactions increased in the first two months of 2023 by ¢111.1 bn, representing 72.5%.
The total value of mobile money transactions for 2023 is ¢264.1 billion compared to ¢153 billion recorded in the corresponding first two months of 2022.
This significant growth shows that mobile money transactions are hitting record highs despite the Electronic Transaction Levy (E-Levy).
According to the March 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 rose further to ¢134.0 billion in February 2023. This is against ¢76.5 billion during the same period in 2022.
In 2022, total mobile money transactions hit a record ¢1.07 trillion.
According to the data, the biggest transactions occurred in December 2022 and November 2022, which record ¢122 billion and ¢117 billion respectively.
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.
The data from the March 2022 Summary of Economic and Financial Data by the Bank of Ghana indicate that mobile money transactions have been surging since the implementation of E-levy in May 2022.
