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.