Mobile money transactions totalled GH¢1.912 trillion in 2023

In 2023, the total value of Mobile Money transactions in Ghana reached a record level, soaring to GH¢1.912 trillion, as revealed in the January 2024 Summary of Economic and Financial Data by the Bank of Ghana.

This marked a substantial increase from GH¢1.07 trillion in 2022.

The data disclosed that by the end of the first 10 months of 2023, total Mobile Money transactions had already reached GH¢1.527 trillion.

December 2023 recorded the highest monthly transaction value, reaching GH¢199.3 billion.

Throughout the year, Mobile Money transactions consistently surged, with all 12 months surpassing GH¢100 billion each. In January 2023, the value stood at GH¢130.1 billion, compared to GH¢76.2 billion in the same period in 2022.

October 2023 set an all-time record with transactions hitting GH¢179.2 billion.

Despite this performance, it remains unclear whether the government is meeting the Electronic Transfer Levy (E-Levy) target for 2023, given the current E-Levy rate of 1.0%.