Mobile Money transactions surge by 41.55% year-on-year despite E-Levy impact
Mobile money transactions in Ghana have reached an unprecedented GH¢779.1 billion in the first four months of 2024, reflecting a robust 41.55% year-on-year growth, despite the implementation of the Electronic Transactions Levy (E-Levy).
In the same period of 2023, the total transactions amounted to GH¢330.9 billion. This surge in mobile money usage highlights the resilience and expansion of digital financial services in Ghana.
Data from the Bank of Ghana’s March 2024 Summary of Economic and Financial Data shows that the value of mobile money transactions began the year strong, at GH¢198.4 billion in January, then dipped to GH¢195.8 billion in February, further declined to GH¢181.9 billion in March, before rebounding to GH¢203.0 billion in April.
The impressive growth in transaction volume, despite the E-Levy, underscores the increasing reliance on mobile money for financial transactions.
The volume of transactions mirrored the upward trajectory, with January 2024 recording 618 million transactions, February 609 million, March 631 million, and a slight dip to 630 million in April.
Furthermore, the number of active mobile money accounts demonstrated consistent growth, from 22.9 million in January 2024 to 23.9 million by April 2024, highlighting increased user engagement despite the E-Levy’s implementation.
For the full year of 2023, mobile money transactions totaled a staggering GH¢1.912 trillion, significantly up from GH¢1.07 trillion in 2022, reflecting the robust expansion of digital financial services in Ghana.
