The mobile money landscape in Ghana witnessed an unprecedented surge in 2023, reaching a record-breaking total transaction value of GHS1.912 trillion, according to the January 2024 Summary of Economic and Financial Data released by the Bank of Ghana.
This substantial increase marked a significant rise from the GHS1.07 trillion recorded in the previous year, highlighting the growing reliance on mobile money services in the country.
The report detailed that the first 10 months of 2023 alone saw a remarkable GHS1.527 trillion in mobile money transactions. December 2023 emerged as a standout month, recording the highest monthly transaction value of GHS199.3 billion.
The data from the Bank of Ghana further revealed a consistent upward trend in mobile money transactions throughout the year. Every month in 2023 witnessed transactions surpassing GH¢100 billion, signifying the integral role mobile money plays in the financial landscape.
In January 2023, the mobile money transactions amounted to GHS130.1 billion, a substantial increase from GHS76.2 billion in the same period in 2022. The momentum continued, with transactions reaching GHS134.0 billion in February 2023 (compared to GHS76.5 billion in February 2022) and further escalating to GHS147.5 billion in March 2023 (March 2022: GHS90.5 billion).
Although there was a slight dip to GHS138.8 billion in April 2023 (compared to GHS87.7 billion in April 2022), the figures quickly rebounded. May 2023 saw a surge to GHS159.7 billion (May 2022: GHS71.4 billion), followed by GHS149.4 billion in June 2023 (June 2022: GHS77.1 billion).
July 2023 marked a significant milestone with a record-breaking transaction value of GHS169.6 billion. Subsequent months showed fluctuations, with GHS161.8 billion in August 2023, GHS157.0 billion in September 2023 (compared to GHS88.2 billion in September 2022), and an all-time high of GHS179.2 billion in October 2023.
The upward trajectory continued, reaching GHS185.9 billion in November 2024. Despite this impressive performance in the mobile money sector, it remains uncertain whether the government is meeting its Electronic Transfer Levy (E-Levy) target for 2023, given the current E-Levy rate of 1.0%.
The surge in mobile money transactions underscores the increasing reliance on digital financial services in Ghana and sets the stage for further advancements in the country’s financial technology landscape.