Audio By Carbonatix
Total Mobile Money Transactions reached a record ¢859 billion in the first six months of 2023, data from the Bank of Ghana has revealed.
This is compared with ¢480 billion during the same period in 2022.
If the trend continues, the total mobile money transactions will hit one trillion cedis by the end of July 2023.
According to the July 2023 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 surged to ¢134.0 billion in February 2023 (February 2022: ¢76.5 billion) and subsequently to ¢147.5 billion in March 2023 (March 2022: ¢90.5 billion).
It however fell to ¢138.8 billion in April 2023 (¢87.7 billion), but shot up to ¢159.7 billion in May 2023 (May 2022: ¢71.4 billion) before declining slightly to ¢149.4 billion in June 2023 (June 2022: ¢77.1 billion).
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 since the implementation of E-levy in May 2022 at 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.
Meanwhile, total value of Mobile Money Interoperability for the first six months was estimated at ¢16.895 billion
The biggest transaction of ¢3.158 billion occurred in April 2023.
| MONTH | 2022 (BILLION) | 2023 (BILLION) |
| January | ¢76.2 | ¢130.1 |
| February | ¢76.5 | ¢134.0 |
| March | ¢90.5 | ¢147.5 |
| April | ¢87.7 | ¢138.8 |
| May | ¢71.4 | ¢159.7 |
| June | ¢77.4 | ¢149.4 |
| TOTAL | ¢479.77 | ¢859.5 |
Latest Stories
-
OMJ Foundation boosts BECE prospects in Akuapem South with transformative intervention project
57 seconds -
Central banking: Safeguarding Ghana – not chasing profit
4 minutes -
Silent Strategist: IGP Yohuno’s performance comes as no surprise
8 minutes -
Trump says US to ‘guide’ stranded ships through Strait of Hormuz
12 minutes -
Nigeria plans to repatriate nationals willing to leave South Africa after attacks
12 minutes -
Samsung family pays off record $8bn inheritance tax bill
12 minutes -
Afenyo-Markin urges BECE candidates to avoid examination malpractice
13 minutes -
We don’t earn anything representing Ghana – Saminu fires back
14 minutes -
New alliances shakes up Nigerian political landscape
15 minutes -
Ghana’s 2026 press freedom ranking positive but not impressive – MRi
15 minutes -
The group of X platform content creators has no political affiliation – BoG clarifies
29 minutes -
Vice President urges BECE candidates to stay confident and honest
37 minutes -
Ukrainian drone hits upmarket Moscow high-rise ahead of Victory Day celebrations
39 minutes -
‘He’s an amazing player’ – Kofi-Kyereh on playing with Thomas Partey
60 minutes -
Experts debate Bank of Ghana losses and policy impact on Super Morning Show
1 hour