Economy

Mobile money transactions surge to gh¢779.1 billion in first four months of 2024

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The total value of mobile money transactions for the first four months of 2024 has reached a record GH¢779.1 billion, reflecting a remarkable year-on-year growth of 41.55%.

This compares to GH¢330.9 billion during the same period in 2023.

Despite the presence of the Electronic Transactions Levy (E-Levy), mobile money transactions have shown significant growth.

According to the Bank of Ghana’s March 2024 Summary of Economic and Financial Data, the value of mobile money transactions in January 2024 was GH¢198.4 billion.

This figure slightly decreased to GH¢195.8 billion in February, further dipped to GH¢181.9 billion in March, but then surged to GH¢203.0 billion in April 2024.

The number of transactions also fluctuated, with 618 million transactions recorded in January 2024, 609 million in February, a rise to 631 million in March, and a slight decrease to 630 million in April.

Active mobile money accounts were estimated at 22.9 million in January 2024, 23.1 million in February, 23.4 million in March, and 23.9 million in April 2024.

For the entire year of 2023, the total value of mobile money transactions reached GH¢1.912 trillion, up from GH¢1.07 trillion in 2022.

This substantial increase underscores the growing reliance on mobile money services in Ghana’s financial ecosystem.

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