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Ghana's Mobile Money hits record high: GH¢394.2bn in two months

In the first two months of 2024, people in Ghana made a lot of transactions using mobile money.

Ghana's Mobile Money hits record high: GH¢394.2bn in two months

The total amount of money involved was really high, reaching GH¢394.2 billion. That's a lot more compared to the same time last year, which was GH¢264.1 billion.

The Bank of Ghana, which keeps track of the country's money, shared this information in March 2024. In January 2024, people made transactions worth GH¢198.4 billion. In February 2024, it was a bit less, around GH¢195.8 billion. Even though there's a tax called the Electronic Transaction Levy (E-Levy), people still used mobile money a lot.

In January 2024, there were about 618 million transactions, and in February, there were 609 million. That's a lot of times people sent or received money using their phones. The number of active mobile money accounts was about 22.9 million in January, and it probably stayed around the same in February.

In 2023, the total value of mobile money transactions was even higher, reaching GH¢1.912 trillion. The year before that, in 2022, it was GH¢1.07 trillion. So, more and more people are using mobile money to do transactions.

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The Bank of Ghana's data shows that from January 2023 to January 2024, the number of mobile money transactions kept going up. But it went down a little bit in February 2024. Still, all 14 months during that time had more than GH¢100 billion in transactions. That's a lot of money moving around through mobile phones!

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