Mobile money remains a cornerstone of the Fintech sector
The total value of Mobile Money (MoMo) transactions for the first four months of 2024 stood at a record GH¢779.1 billion, representing about 41.55 percent year-on-year growth.
During the same period in 2023, the total mobile money transactions were GH¢330.9 billion.
This significant growth in mobile money transactions has occurred despite the existence of the Electronic Transfer Levy.
According to the March 2024 Summary of Economic and Financial Data by the Bank of Ghana, the value of mobile money transactions in January 2024 was GH¢198.4 billion, but it dropped to GH¢195.8 billion in February 2024.
It fell slightly to GH¢181.9 billion in March 2024 but shot up to GHC203.0 billion in April 2024.
The total number of transactions in January 2024 was 618 million, while that of February 2024 was 609 million. It increased to 631 million in March 2024 but fell marginally to 630 million in April.
The active mobile money accounts were also estimated at 22.9 million in January 2024, 23.1 million in February 2024, 23.4 million in March, and 23.9 million in April 2024.
The total value of Mobile Money transactions reached a record level of GH¢1.912 trillion in 2023, compared to GH¢1.07 trillion in 2022.
