Registered mobile money accounts hit 52.4 million

Despite the implementation of the electronic transaction levy, registered mobile money accounts hit 52.4 million in August 2022. This shows that Ghanaians are still patronizing mobile money transactions. According to data from the Bank of Ghana, the registered mobile money accounts have been increasing consistently since January 2022. It stood at 48.4 million in January 2022 and then surged to 49.9% in February 2022 and to 50.2 million in March. In April 2022, May 2022, June 2020, and July 2022, registered mobile money accounts stood at 50.7 million, 50.1 million, 51.6 million, and 52.4 million respectively. Meanwhile, active mobile money accounts stood at 19.5 million, whilst active agents stood at 472,000. In a related development, total mobile money transactions as of August 2022 compared to the same period in 2021 fell by ¢13.3 billion, about 2.02%, the latest summary of financial and economic data by the Bank of Ghana has revealed. This indicates that the implementation of the Electronic Transaction Levy has had a marginal impact on the biggest payment system in Ghana. According to the data, total mobile money transactions stood at ¢657.6 in August 2022, as against ¢644.3 in August 2022. There were earlier fears that a sizeable number of consumers were going to boycott mobile money, following the implementation of the E-Levy in May 2022. From the data, mobile money transactions have been surging since its implementation in May 2022. It went up from ¢71.4 billion in May 2022 to ¢77.4 billion in June 2022, but remain relatively the same at ¢77.2 billion in July 2022. It, however, shot up significantly by ¢9.9 billion to ¢87.1 billion in August 202.

Despite the implementation of the electronic transaction levy, registered mobile money accounts hit 52.4 million in August 2022. This shows that Ghanaians are still patronizing mobile money transactions. According to data from the Bank of Ghana, the registered mobile money accounts have been increasing consistently since January 2022. It stood at 48.4 million in January 2022 and then surged to 49.9% in February 2022 and to 50.2 million in March. In April 2022, May 2022, June 2020, and July 2022, registered mobile money accounts stood at 50.7 million, 50.1 million, 51.6 million, and 52.4 million respectively. Meanwhile, active mobile money accounts stood at 19.5 million, whilst active agents stood at 472,000. In a related development, total mobile money transactions as of August 2022 compared to the same period in 2021 fell by ¢13.3 billion, about 2.02%, the latest summary of financial and economic data by the Bank of Ghana has revealed. This indicates that the implementation of the Electronic Transaction Levy has had a marginal impact on the biggest payment system in Ghana. According to the data, total mobile money transactions stood at ¢657.6 in August 2022, as against ¢644.3 in August 2022. There were earlier fears that a sizeable number of consumers were going to boycott mobile money, following the implementation of the E-Levy in May 2022. From the data, mobile money transactions have been surging since its implementation in May 2022. It went up from ¢71.4 billion in May 2022 to ¢77.4 billion in June 2022, but remain relatively the same at ¢77.2 billion in July 2022. It, however, shot up significantly by ¢9.9 billion to ¢87.1 billion in August 202.