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Business News Sun, 31 Jul 2022

MoMo transactions fall in May but increase in June despite E-Levy implementation

Mobile Money transactions dipped by 18.58 percent to GH¢71.4 billion in May 2022, the month of implementation of the Electronic Transaction Levy (E-Levy).

However, in the month of June 2022, the transactions via Mobile Money went up to GH¢77.4 billion, an 8.4 percent growth.

According to data from the Bank of Ghana, Mobile Money transactions grew consecutively until April 2022 when it dipped slightly.

The Mobile Money transactions in the first four months of this year were January 2022 (GH¢76.2 billion), February 2022 (GH¢76.8 billion), March 2022 (GH¢90.5 billion) and April 2022 (GH¢87.7 billion) respectively.

Comparatively to the same period in 2021, Mobile Money transactions were estimated at January 2021 (GH¢67.1 billion), February 2021 (GH¢67.9 billion), March 2021 (GH¢82.3 billion) and April 2021 (GH¢83.8 billion) respectively.

During the whole of 2021, even with the announcement of E-Levy, there were month-on-month fluctuations in Mobile Money transactions.

Meanwhile, total Mobile Money transactions for the first half of this year were estimated at GH¢480 billion.

This is compared with GH¢476.7 billion during the same period last year.

In the first six months of 2021, Mobile Money transactions recorded were January 2021 (GH¢67.1 billion), February (GH¢67.9 billion), March 2022 (GH¢82.3 billion), April 2022 (GH¢83.8 billion), May 2022 (GH¢86.5 billion) and June 2022 (¢89.1 billion) respectively.

In terms of Mobile Money Interoperability, GH¢13.77 billion was recorded in the first half of 2022, compared with GH¢10.51 billion in the first four months of 2022.

Undoubtedly, Mobile Money continues to remain the biggest payment solution in the country with an estimated GH¢905.1 billion transactions recorded in 2021.
Source: ghanaiantimes.com.gh
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