The total value of mobile money transactions hit GH¢1.775 trillion in eight months of 2024, data from the Bank of Ghana has revealed.
This is compared with GH¢1.031 trillion the same time in 2023.
This significant growth in mobile money transactions is astonishing and provides an opportunity for the country to deepen financial inclusion.
However, it is also shocking why the nation is roping in much from the Electronic Transaction Levy.
According to the September 2024 Summary of Economic and Financial Data by the Bank of Ghana, the value of mobile money transactions in January 2024 stood at GH¢198.4 billion, but dropped to GH¢195.8 in February 2024.
It again fell slightly to GH¢181.9 billion in March 2024 but shot up to GH¢203.0 billion in April 2024. It went up again to GH¢234.3 billion in May 2024 but fell slightly to GH¢224.0 billion in June 2024.
It however surged consistently to GH¢264.9 billion in July 2024 and GH¢273.6 billion in August 2024.
| MONTH | 2023 | 2024 |
| January | 130.1bn | 198.4bn |
| February | 134.0bn | 195.8bn |
| March | 147.5bn | 181.9bn |
| April | 138.8bn | 203.0 bn |
| May | 159.7bn | 243.4bn |
| June | 149.4bn | 224.0bn |
| July | 169.6bn | 264.9bn |
| August | 161.8bn | 273.6bn |
Source: Joy Business
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