Mobile money transactions soar to GH¢1.7 trillion in 8 months

The total value of mobile money transactions reached GH¢1.775 trillion in the first eight months of 2024, according to data from the Bank of Ghana.

This marks a substantial increase from the GH¢1.031 trillion during the same period in 2023.

This remarkable growth presents a significant opportunity for the country to enhance financial inclusion.

However, it raises concerns about little revenue from the Electronic Transaction Levy amidst such high transaction volumes.

According to the September 2024 Summary of Economic and Financial Data by the Bank of Ghana, the value of mobile money transactions in January 2024 stood at GH¢198.4 billion but dropped to GH¢195.8 in February 2024.

In March 2024, the total value of mobile money transactions dipped slightly to GH¢181.9 billion.

However, this trend reversed in April, when transactions rose to GH¢203.0 billion.

The upward momentum continued in May, with transactions reaching GH¢234.3 billion, although there was a minor decline to GH¢224.0 billion in June.

Despite this brief setback, the figures surged consistently in July, climbing to GH¢264.9 billion, and continued to rise in August, reaching GH¢273.6 billion.

This overall trend highlights the increasing reliance on mobile money services, showcasing their growing importance in Ghana’s financial landscape.