Total mobile money transactions increase by 78% in half-year 2023

Data from the Bank of Ghana indicate that the total Mobile Money(M0Mo) transactions for the first half of 2023 increased by 78% to ¢859 billion.

Compared to the same period in 2022, total MoMo transactions raked in ¢479 billion, the difference translating to a 78% adjustment.

This implies that, if the trend continues, the total mobile money transactions will hit one trillion cedis by the end of July 2023.

Mobile Money transactions in January 2023 were estimated at ¢130.1 billion, compared with ¢76.2 billion during the same period in 2022.

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 despite the implementation of E-levy in May 2022 at a 1.5% rate.

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

Despite the growth in mobile money transactions, revenue has been well below the government’s expectations.