The total value of Mobile Money (Momo) transactions for the first four months of 2024 stood at a record 779.1 billion cedis about 41.55 percent year-on-year growth.
During the same period in 2023, the total mobile money transactions stood at 330.9 billion cedis.
This significant growth in mobile money transactions is coming despite the existence of the Electronic Transactions 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 stood at 198.4 billion cedis but dropped to 195.8 cedis in February 2024. It again fell slightly to GH¢181.9 billion cedis in March 2024 but shot up to 203.0 billion cedis in April 2024.
The total number of transactions in January 2024 stood at 618 million, whilst that of February 2024 was 609 million. It shot to 631 million in March 2024 but fell marginally to 630 million.
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 1.912 trillion cedis in 2023.
This compared to 1.07 trillion cedis in 2022.
Source: myjoyonline