Total mobile money transactions increase by 49% in two months of 2024

The total value of mobile money transactions for the first two months of 2024 rose to a record GH¢394.2 billion.

This is compared with GH¢264.1 billion during the same period in 2023.

This constitutes a 49% record increase in mobile money transactions for the period.

The impressive value is despite the existence of the Electronic Transaction Levy (E-Levy).

According to the March 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, while that of February 2024 was estimated at GH¢195.8.

The active mobile money accounts were also estimated at 22.9 million in January 2024.

The total cumulative value of Mobile Money transactions reached a record level of GH¢1.912 trillion in 2023. This is compared with GH¢1.07 trillion in 2022.

The data from the Bank of Ghana revealed that mobile money transactions surged consistently from January 2023 to January 2024, before dropping slightly in February 2024.

In the 14 months, they recorded more than GH¢100 billion respectively.

On January 11, 2023, the government reduced the tax rate on electronic transactions from 1.5% to 1.0%.

There have since been calls for the rate to be reduced further to 0.5% to encourage many people to avoid dodging payment of the levy.