Total MoMo transactions hit record GH¢1.912trn in 2023

The total value of Mobile Money transactions reached a record level in 2023.

According to the January 20243 Summary of Economic and Financial Data by the Bank of Ghana, total mobile money transactions hit GH¢1.912 trillion last year.

This is compared with GH¢1.07 trillion in 2022.

In the first 10 months of 2023, the total Mobile Money transactions had reached a record GH¢1.527 trillion.

The figures from the Bank of Ghana showed that December 2023 recorded the biggest mobile money transaction value of GH¢199.3 billion.

The data also revealed that total mobile money transactions surged consistently from January 2023 to December 2023. All the 12 months recorded more than GH¢100 billion respectively.

In January 2023, the value of mobile money transactions stood at GH¢130.1 billion, compared with GH¢76.2 billion during the same period in 2022.

It surged to GH¢134.0 billion in February 2023 (February 2022: GH¢76.5 billion) and subsequently to GH¢147.5 billion in March 2023 (March 2022: GH¢90.5 billion).

It however, fell to GH¢138.8 billion in April 2023 (GH¢87.7 billion), but shot up to GH¢159.7 billion in May 2023 (May 2022: GH¢71.4 billion) before declining slightly to GH¢149.4 billion in June 2023 (June 2022: GH¢77.1 billion).

But it achieved a then-record transaction of GH¢169.6 billion in July 2023, before declining to GH¢161.8 billion in August 2023.  It again fell to GH¢157.0 billion in September 2023 (GH¢88.2 billion: September 2022) before hitting an all-time record of GH¢179.2 billion in October 2023.

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%.