Data from the Bank of Ghana has revealed that for the first four months of 2023, total mobile money (MoMo) transactions surpassed ¢550 billion, about 66.2% year-on-year growth.
This is compared with ¢331.2 billion recorded during the same period in 2022.
The total mobile money transactions for this year will once again exceed ¢1 trillion, if the trend continues.
Mobile Money transactions in January 2023 were estimated at ¢130.1 billion, compared with ¢76.2 billion during the same period in 2022, according to the May 2022 Summary of Economic and Financial Data by the Bank of Ghana.
It surged to ¢134.0 billion in February 2023 (February 2022: ¢76.5 billion) and subsequently to ¢147.5 billion in March 2023 (March 2022: ¢90.5 billion).
It however fell to ¢138.8 billion in April 2023 (¢87.7 billion).
The impressive growth in its transactions comes despite the 1% Electronic Transaction Levy (E-Levy).
From the data, Mobile Money transactions have been surging since the implementation of E-levy in May 2022 at 1.5% rate.
On 11 January 2023, the government reduced the tax rate on the electronic transactions from 1.5% to 1.0%.
Despite the growth in its transactions, revenue has been well below the government’s expectations.
| MONTH | 2022 (BILLION) | 2023 (BILLION) |
| January | ¢76.2 | ¢130.1 billion |
| February | ¢76.5 | ¢134.0 billion |
| March | ¢90.5 | ¢147.5 billion |
| April | ¢87.7 | ¢138.8 billion |
| TOTAL | ¢331.2 | ¢550.4 |
Source: Myjoyonline
