Data from the Bank of Ghana has revealed that the total value of mobile money transactions hit a record GH¢2.368 trillion in the 10 months of 2024.

This is compared with GH¢1.367 trillion during the same period last year

In the first eight months of 2024, the total value of mobile money transactions stood at GH¢1.775 trillion.

The significant growth in mobile money transactions is still startling and provides an opportunity for the country to further deepen financial inclusion.

However, it is also shocking why the nation is not roping in much from the Electronic Transaction Levy.

According to the September 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 but dropped to GH¢195.8 in February 2024.

It again fell slightly to GH¢181.9 billion in March 2024 but shot up to GH¢203.0 billion in April 2024.

It went up again to GH¢234.3 billion in May 2024 but fell slightly to GH¢224.0 billion in June 2024.

It however surged consistently to GH¢264.9 billion in July 2024 and GH¢273.6 billion in August 2024.

It further soared to GH¢284.9 billion in September 2024 and GH¢298.6 billion in October 2024 respectively.

Meanwhile, the registered number of mobile money accounts stood at 71.9 million as of October 2024.

However, the active mobile money accounts were estimated at 23.3 million in October 2024.