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BusinessMOMO transactions experience 41.55% surge in first 4 months of 2024 despite...

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MOMO transactions experience 41.55% surge in first 4 months of 2024 despite E-Levy deductions

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In the first four months of 2024, the total value of mobile money transactions hit an all-time high of GH¢779.1 billion, marking a 41.55% year-on-year increase.

This surge contrasts sharply with the GH¢330.9 billion recorded during the same period in 2023.

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Notably, this remarkable growth persists despite the presence of the Electronic Transactions Levy.

According to the March 2024 Summary of Economic and Financial Data by the Bank of Ghana, January 2024 saw transactions valued at GH¢198.4 billion, which slightly declined to GH¢195.8 billion in February 2024.

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However, there was a rebound to GH¢203.0 billion in April 2024 after a dip to GH¢181.9 billion in March 2024.

This notable achievement is in the face of the Electronic Transaction Levy (E-Levy).

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The total number of transactions peaked at 631 million in March 2024, with January and February recording 618 million and 609 million transactions, respectively.

Although there was a slight decrease to 630 million transactions in April, the active mobile money accounts continued to rise, reaching 23.9 million in April 2024 compared to 22.9 million in January 2024.

The total value of mobile money transactions in 2023 soared to a record GH¢1.912 trillion, surpassing the GH¢1.07 trillion recorded in 2022.

MONTH2023 (GH¢ billion)2024 (GH¢ billion)
January130.1198.4
February134.0195.8
March147.5181.9
April138.8203.0
Total550.4779.1

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