Mobile Money transactions in Ghana grew by 9.99 per cent year-on-year to GH¢331.2 billion during the first four months of 2022, according to data released by the Bank of Ghana.
The figure represents an increase from GH¢301.1 billion recorded over the same period in 2021, reflecting the continued expansion of digital payments across the country.
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Bank of Ghana data showed that Mobile Money transaction values increased steadily from January to March 2022 before recording a slight decline in April.
Transaction values for the first four months of 2022 stood at GH¢76.2 billion in January, GH¢76.8 billion in February, GH¢90.5 billion in March and GH¢87.7 billion in April.
During the corresponding period in 2021, transaction values were GH¢67.1 billion in January, GH¢67.9 billion in February, GH¢82.3 billion in March and GH¢83.8 billion in April.
The slight decline recorded in April came ahead of the implementation of the Electronic Transfer Levy (E-Levy), which took effect on May 1, 2022.
Although the timing suggests the impending tax may have influenced transaction volumes, it was considered too early to determine whether the levy would have a significant long-term impact on Mobile Money usage.
The Bank of Ghana’s data also showed strong growth in Mobile Money interoperability, with transactions reaching GH¢10.51 billion in the first four months of 2022, compared with GH¢4.59 billion during the same period in 2021.
Mobile Money remained Ghana’s dominant digital payment platform, recording an estimated GH¢905.1 billion in total transaction value throughout 2021.
Monthly transaction values in 2021 increased from GH¢67.1 billion in January and GH¢67.9 billion in February to GH¢82.3 billion in March, GH¢83.8 billion in April, GH¢86.5 billion in May, GH¢89.1 billion in June, before continuing to fluctuate during the remainder of the year.
