Total Mobile Money transactions in the first eight months hit a record ¢1.190 trillion, according to the September 2023 Summary of Economic and Financial Data from the Bank of Ghana.

This is compared with ¢655.97 billion recorded during the same period in 2022.

According to the figures from the Central Bank, the month of July 2023 recorded the biggest mobile money transaction of ¢169.6 billion.

From the figures, month-on-month mobile money transactions have been exceeding ¢130 billion.

This pre-supposes that the government should be able to meet the Electronic Transfer Levy (E-Levy) target for 2023.

According to the September 2023 Summary of Economic and Financial Data by the Bank of Ghana, mobile money transactions in January 2023 stood 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).

But it achieve a record transaction of ¢169.6 billion in July 2023, before declining to ¢161.8 billion in August 2023.

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 ¢22.795 billion.

The biggest transaction of ¢3.158 billion occurred in April 2023.