Mobile money transactions increased by 41.55% to GH¢779.1bn in 4 months of 2024

The total value of mobile money transactions for the first four months of 2024 stood at a record GH¢779.1 billion, about 41.55% year-on-year growth.

During the same period in 2023, the total mobile money transactions stood at GH¢330.9 billion.

This significant growth in mobile money transactions is coming despite the existence of the Electronic Transactions Levy.

According to the March 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.

This impressive feat is despite the existence of the Electronic Transaction Levy (E-Levy).

The total number of transactions in January 2024 stood at 618 million, whilst that of February 2024 was 609 million. It shot to 631 million in March 2024 but fell marginally to 630 million.

The active mobile money accounts were also estimated at 22.9 million in January 2024, 23.1 million in February 2024, 23.4 million in March and 23.9 million in April 2024.

The total value of Mobile Money transactions reached a record level of GH¢1.912 trillion in 2023. This is compared with GH¢1.07 trillion in 2022.