MoMo transactions have reached GHS 859 million - BoG

The latest data from the Bank of Ghana on the mobile money sector shows a remarkable surge in transactions, reflecting a robust adoption of mobile money services in Ghana.

MoMo transactions have reached GHS 859 million - BoG

In the first half of 2023, the total mobile money transactions reached ¢859 billion, a significant increase from ¢480 billion recorded during the same period in the previous year.

The data reveals a consistent upward trajectory in mobile money transactions. In January 2023, transactions were estimated at ¢130.1 billion, compared to ¢76.2 billion in January 2022. February 2023 witnessed transactions of ¢134.0 billion, and March 2023 recorded ¢147.5 billion in transactions, both surpassing the previous year's figures.

Although there was a slight dip in April 2023 to ¢138.8 billion, the sector quickly regained momentum, soaring to ¢159.7 billion in May 2023 and reaching ¢149.4 billion in June 2023.

This impressive surge in transactions is noteworthy, considering the introduction of the 1% Electronic Transaction Levy (E-Levy) in May 2022, which was later reduced to 1.0% on January 11, 2023.

Despite the introduction of the E-Levy aimed at bolstering government revenue, the current data indicates that revenue fell short of expectations. However, the total value of Mobile Money Interoperability during the first half of 2023 reached ¢16.895 billion, highlighting the growing importance of interoperable mobile money services in facilitating seamless transactions.

Ghana's mobile money ecosystem remains a crucial driver of financial inclusion, empowering the unbanked and underbanked populations while fostering economic growth and digital financial innovation.

As the trend indicates a potential milestone of one trillion cedis in mobile money transactions by the end of July 2023, stakeholders in Ghana's financial landscape must closely monitor this dynamic sector and adapt policies accordingly to leverage its full potential for sustained economic development.

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