The total sum of money involved was remarkably high, reaching GH¢394.2 billion, a significant increase compared to the same period last year, which stood at GH¢264.1 billion.
In March 2024, the Bank of Ghana, responsible for monitoring the nation’s finances, revealed these findings. In January 2024, transactions amounted to GH¢198.4 billion, slightly decreasing to around GH¢195.8 billion in February 2024. Despite the presence of the Electronic Transaction Levy (E-Levy), mobile money usage remained prevalent.
During January 2024, there were approximately 618 million transactions, followed by 609 million in February, indicating a substantial frequency of mobile money transfers. The number of active mobile money accounts remained consistent at around 22.9 million between January and February.
In 2023, the total value of mobile money transactions surged to GH¢1.912 trillion, surpassing the previous year’s figure of GH¢1.07 trillion in 2022. This upward trend suggests an increasing reliance on mobile money for financial transactions.
The Bank of Ghana’s data shows that from January 2023 to January 2024, the number of mobile money transactions kept going up. But it went down a little bit in February 2024. Still, all 14 months during that time had more than GH¢100 billion in transactions. That’s a lot of money moving around through mobile phones!