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BusinessValue of MoMo transactions hit GHC394.2bn in two months of 2024

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Value of MoMo transactions hit GHC394.2bn in two months of 2024

The total value of mobile money transactions for the first two months of 2024 reached a record GH¢394.2 billion, compared to GH¢264.1 billion during the same period in 2023.

According to the March 2024 Summary of Economic and Financial Data by the Bank of Ghana, mobile money transactions in January 2024 amounted to GH¢198.4 billion, with February 2024 reaching GH¢195.8 billion.

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Despite the implementation of the Electronic Transaction Levy (E-Levy), mobile money transactions continue to thrive.

The total number of transactions in January 2024 was 618 million, with February 2024 recording 609 million transactions. The active mobile money accounts in January 2024 were estimated at 22.9 million.

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In 2023, the total value of mobile money transactions reached a record GH¢1.912 trillion, compared to GH¢1.07 trillion in 2022.

The data from the Bank of Ghana shows a consistent surge in mobile money transactions from January 2023 to January 2024, with a slight drop in February 2024. All 14 months recorded transactions exceeding GH¢100 billion each.

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