Mobile Money transactions register 9.99% year-on-year growth in 4-months of 2022

Mobile Money transactions recorded 9.99% year-on-year growth to ¢331.2 billion in the first four months of 2022.

However, in the first four months of 2021, Mobile Money transactions stood at ¢301.1 billion.

According to data from the Bank of Ghana, transactions via Mobile Money grew consecutively until April 2022 when it dipped slightly.

The Electronic Transaction Levy (E-levy) was implemented from May 1^st, 2022 and that could have accounted for the slight dip in the April 2022 number.

However, it’s early days to determine whether the implementation of the E-levy will significantly affect Mobile Money Transactions or not.

The Mobile Money transactions in the first four months of this year were January 2022 (¢76.2bn), February 2022 (¢76.8bn), March 2022 (¢90.5bn) and April 2022 (¢87.7bn).

Comparatively to the same period in 2021, Mobile Money transactions were estimated at January 2021 (¢67.1 billion), February 2021 (¢67.9 billion), March 2021 (¢82.3 billion) and April 2021 (¢83.8 billion).

During the whole of 2021 even with the announcement of E-levy, there were month-on-month fluctuations in Mobile Money transactions.

In terms of Mobile Money Interoperability, ¢10.51 billion were recorded in the first four months of 2022. This is compared with ¢4.59 billion during the same period in 2021.

Undoubtedly, Mobile Money remained the biggest payment solution in the country with an estimated ¢905.1 billion transactions recorded in 2021.

According to data from the Bank of Ghana, the value of mobile money transactions in January, February, March, April, May, June, July, August, September, October, November and December 2021 were estimated at ¢67.1 billion, ¢67.9 billion, ¢82.3 billion, ¢83.8 billion, ¢86.5 billion, ¢89.1 billion,

Source: Myjoyonline