MoMo transactions hit GHS 264bn in February
According to the recently released data from the Bank of Ghana, the total value of Mobile Money transactions in the first two months of 2023 has hit a staggering ¢264.1 billion, marking a significant 72.6% growth year-on-year. This impressive surge in the use of Mobile Money transactions shows that it is hitting record highs, even despite the introduction of the Electronic Transaction Levy (E-Levy).
It is important to note that in the first two months of 2022, the total Mobile Money transactions in Ghana stood at 153 billion. However, in January 2023, Mobile Money transactions were estimated at ¢130.1 billion, compared to ¢76.2 billion during the same period in 2022. The growth continued in February 2023, rising to ¢134.0 billion, in comparison to ¢76.5 billion during the same period in 2022.
The data further shows that Mobile Money transactions hit a record ¢1.07 trillion in 2022, compared to the ¢902.5 billion recorded in 2021. Notably, the largest transactions were recorded in November and December 2022, with ¢122 billion and ¢117 billion, respectively. These figures indicate that Mobile Money is increasingly being used for larger transactions in addition to smaller ones.
Despite initial concerns that the introduction of the E-Levy in May 2022 would have a negative impact on the use of Mobile Money in Ghana, the data shows that its usage has continued to grow steadily since its implementation. It appears that Ghanaians have adjusted to the new levy and have not been deterred from utilizing Mobile Money as a preferred method of payment.
This significant growth in the use of Mobile Money transactions in Ghana suggests that it is becoming an increasingly important aspect of the country’s financial landscape. The convenience and accessibility of Mobile Money are likely to continue driving its growth in the coming years, as more Ghanaians seek to use it for their financial transactions.
The growth in Mobile Money transactions in Ghana is a positive sign for the country’s economy, especially given the challenges posed by the COVID-19 pandemic. As the country continues to embrace technological advancements, it is expected that the use of Mobile Money will continue to expand, offering even greater convenience and financial inclusion to more Ghanaians.
