Total mobile money transactions for the first four months of 2023 surpassed ¢550 billion, about 66.2% year-on-year growth, data from the Bank of Ghana has revealed.
This is compared with ¢331.2 billion recorded during the same period in 2022.
If the trend continues, the total mobile money transactions for this year will once again exceed ¢1 trillion.
According to the May 2022 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).
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 11 January 2023, the government reduced the tax rate on the electronic transactions from 1.5% to 1.0%.
Despite the growth in mobile money transactions, revenue has been well below the government's expectations.
MONTH | 2022 (BILLION) | 2023 (BILLION) |
January | ¢76.2 | ¢130.1 billion |
February | ¢76.5 | ¢134.0 billion |
March | ¢90.5 | ¢147.5 billion |
April | ¢87.7 | ¢138.8 billion |
TOTAL | ¢331.2 | ¢550.4 |
Latest Stories
-
BoG rolls out new set of regulatory measures targeted at interest charges, lending, and recapitalization of banks
2 minutes -
OSP insists it has no medical report on Ken Ofori-Atta
6 minutes -
‘Machomen’ with guns and knives were bused by Holy Stars to match centre – Nations FC alleges
16 minutes -
We’ve been fair to Ken Ofori-Atta but he remains unwilling to appear – OSP
16 minutes -
Man Utd captain Bruno Fernandes rejects Al-Hilal move
35 minutes -
Cedi begins week strongly; Gains nearly 50% in value to dollar, one dollar equals GH¢10.98
37 minutes -
Automobile artisans urge gov’t to support establishment of workshop facilities
2 hours -
Gov’t seeking strategic partners to takeover AirtelTigo – Communications Minister
2 hours -
Mahama recounts childhood ties with Asantehene: “They used to send us for ice cream”
3 hours -
Emmanuel Adjei cycles 10,000km solo from Munich to Accra to raise €100,000 to support education in rural communities
3 hours -
From bite to breakthrough: How AI and brave family helped save a child at KATH
3 hours -
Today’s Front pages: Tuesday, June 3, 2025
3 hours -
Cedi appreciation a strategic windfall for energy sector recovery and ECG’s solvency
4 hours -
GSE rally to continue into quarter 3; market to record 45% return for investors in 2025
4 hours -
Bond market: Trading activity rose 28% to GH¢1.41bn
4 hours