Ghana’s mobile money sector has hit a major milestone, with total transactions for 2024 reaching a record GH¢3.02 trillion, marking an impressive 57.9% increase compared to the previous year. In 2023, mobile money transactions amounted to GH¢1.91 trillion.
This surge highlights the growing popularity and adoption of mobile money services across the country, fueling optimism about the potential for increased financial inclusion. However, despite the impressive growth, there are concerns about the limited revenue generated from the Electronic Transaction Levy (E-levy), which has yet to significantly capitalize on the sector’s booming activity.
According to data from the Bank of Ghana, mobile money transactions grew steadily over the year. In the first eight months of 2024, the total value was GH¢1.78 trillion, but it rapidly accelerated to GH¢2.37 trillion by October. The numbers continued to rise, with November and December hitting GH¢316.4 billion and GH¢334.8 billion, respectively.
Here’s a breakdown of the month-by-month transaction values in 2024:
January: GH¢198.4 billion
February: GH¢195.8 billion
March: GH¢181.9 billion
April: GH¢203.0 billion
May: GH¢243.4 billion
June: GH¢224.0 billion
July: GH¢264.9 billion
August: GH¢273.6 billion
September: GH¢284.9 billion
October: GH¢298.6 billion
November: GH¢316.4 billion
December: GH¢334.8 billion
Despite the staggering numbers, the question remains: why hasn’t the country seen a proportionate revenue boost from the E-levy, which was introduced to capture some of the economic benefits from the growing digital transaction landscape? As mobile money continues to thrive, the government faces the challenge of ensuring that the booming sector is fully leveraged for public revenue.
Source:TheDotNews