Mobile Money transactions continue to hit record highs despite the Electronic Transaction Levy (E-Levy), according to recent data from the Bank of Ghana (BOG).
Per the stats the total value of Mobile Money transactions in the first two months of 2023 reached over GH¢264.1 billion, marking a 72.6% YoY growth. This is a significant increase from the GH¢153 billion recorded in the same period in last year (2022).
The March 2022 Summary of Economic and Financial Data by the Bank of Ghana also reveals that Mobile Money transactions in January 2023 amounted to ¢130.1 billion, compared to GH¢76.2 billion in the same month of 2022. The trend continued in February, with Mobile Money transactions rising to GH¢134.0 billion, up from GH¢76.5 billion in 2022.
The data also shows that in 2022, total Mobile Money transactions hit a record high of ¢1.07 trillion, up from about ¢902.5 billion in 2021. December and November 2022 recorded the highest transactions, with ¢122 billion and ¢117 billion respectively.
Despite initial concerns that the implementation of E-Levy in May 2022 would negatively impact Mobile Money transactions, the data indicates otherwise. Instead, Mobile Money transactions have been on the rise since the introduction of E-Levy.
To summarize, the exponential growth of Mobile Money transactions is a positive sign for Ghana’s digital economy.
