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
-
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
3 hours -
Asantehene receives 28 looted artefacts
4 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
4 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
5 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
5 hours -
Government is “suppressing information” about power sector challenges – IES Director
5 hours -
Majority of our debts caused by forex shortfall – ECG Boss
5 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
6 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
6 hours -
Top up your credit to avoid potential disruption – ECG to Nuri meter customers
6 hours -
Dutch & Co wins 2024 Entrepreneur of the Year Award
6 hours -
We’ll cut down imports and boost consumption of local rice and other products – Mahama
9 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
10 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
10 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
11 hours