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Mobile money transactions hit record GH¢3.019trn in 2024 – BoG

 Data from the Bank of Ghana has revealed that the total value of mobile money transactions for 2024 stood at a record GH¢3.0192 trillion, about 57.90% growth year-on-year.

In 2023, the total value of mobile money transactions was GH¢1.912 trillion.

The significant growth in mobile money transactions is still astonishing and provides an opportunity for the country to further deepen its financial inclusion.

However, it is shocking why the nation cannot make much revenue from the Electronic Transaction Levy (E-levy).

The data from the Bank of Ghana indicates that in the first eight months of 2024, the total value of mobile money transactions stood at GH¢1.775 trillion.

It then shot up to GH¢2.368 trillion in October 2024.

According to the September 2024 Summary of Economic and Financial Data by the Bank of Ghana, the value of mobile money transactions in January 2024 stood at GH¢198.4 billion but dropped to GH¢195.8 in February 2024.

It again fell slightly to GH¢181.9 billion in March 2024 but shot up to GH¢203.0 billion in April 2024.

It went up again to GH¢234.3 billion in May 2024 but fell slightly to GH¢224.0 billion in June 2024.

It however surged consistently to GH¢264.9 billion in July 2024 and GH¢273.6 billion in August 2024.

It further soared to GH¢284.9 billion in September 2024 and GH¢298.6 billion in October 2024 respectively.

In November 2024 and December 2024, the total value of mobile money transactions stood at GH¢316.4 billion and GH¢334.8 billion cedis respectively.

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