General

Mobile Money transactions hit record GH¢1.912trn in 2023

In 2023, the total amount of transactions made using Mobile Money hit a record high.

The Bank of Ghana reported in its January 20243 Summary of Economic and Financial Data that the total amount of mobile money transactions in the previous year was GH¢1.912 trillion.

In contrast, that amounts to GH¢1.07 trillion in 2022.

The total amount of Mobile Money transactions in the first ten months of 2023 was a record GH¢1.527 trillion.

According to data from the Bank of Ghana, the largest ever mobile money transaction value was GH¢199.3 billion in December 2023.

Total Mobile Money transactions hit record GH¢1.912trn in 2023

According to the data, there was a constant increase in the total number of mobile money transactions between January 2023 and December 2023. Over GH¢100 billion was recorded in each of the past 12 months.

GH¢130.1 billion worth of mobile money transactions were made in January 2023 as opposed to GH¢76.2 billion in the same month the previous year in 2022.

It increased sharply to GH¢134.0 billion in February 2023 (compared to GH¢76.5 billion in February 2022) and GH¢147.5 billion in March 2023 (compared to GH¢90.5 billion in March 2022).

However, it dropped to GH¢138.8 billion (GH¢87.7 billion) in April 2023, then soared to GH¢159.7 billion (GH¢71.4 billion) in May 2023 (May 2022: GH¢71.4 billion), before marginally decreasing to GH¢149.4 billion (GH¢77.1 billion) in June 2023.

However, in July 2023, it accomplished a transaction of GH¢169.6 billion, which at the time was a record, before falling to GH¢161.8 billion in August 2023. Before reaching an all-time high of GH¢179.2 billion, it dropped to GH¢157.0 billion in September 2023 (GH¢88.2 billion in September 2022).

It then surged to GH¢185.9 billion in November 2024.

Despite the impressive performance of mobile money, it is unclear whether the government is meeting the Electronic Transfer Levy (E-Levy) target for 2023.

The current E-levy rate is 1.0%.

MONTH 2022 (BILLION) 2023 (BILLION)
January ¢76.2 ¢130.1
February ¢76.5 ¢134.0
March ¢90.5 ¢147.5
April ¢87.7 ¢138.8
May ¢71.4 ¢159.7
June ¢77.4 ¢149.4
July ¢89.1 ¢169.6
August ¢87.1 ¢161.8
September ¢88.8 ¢157.0
October ¢100.2 ¢179.2
November ¢185.9
December   ¢199.3
TOTAL ¢1.07 trillion ¢1.912 trillion

Akosua Boatemaa

I'm Yours Truly, Blogger Akosua Boatemaa. I'm here to feed Your eyes and Ears with Authentic News Updates.

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