Mobile money transactions reach unprecedented GH¢394.2bn in first two months of 2024

During the initial two months of 2024, the total value of mobile money transactions surged to GH¢394.2 billion, marking a significant increase from the GH¢264.1 billion recorded during the same period in 2023. According to the March 2024 Summary of Economic and Financial Data released by the Bank of Ghana, mobile money transactions amounted to GH¢198.4 billion in January 2024 and approximately GH¢195.8 billion in February 2024. Impressively, this surge in mobile money activity occurred despite the introduction of the Electronic Transaction Levy (E-Levy). The report further indicates that the total number of transactions reached 618 million in January 2024 and 609 million in February 2024, reflecting the widespread usage of mobile money services. Additionally, active mobile money accounts totaled an estimated 22.9 million in January 2024. In 2023, the total value of mobile money transactions reached an unprecedented GH¢1.912 trillion, surpassing the previous year’s figure of GH¢1.07 trillion. While mobile money transactions demonstrated consistent growth from January 2023 to January 2024, there was a slight decline noted in February 2024. Notably, each of the 14 months within this period recorded mobile money transactions exceeding GH¢100 billion.