MoMo transactions hit GH¢ 550.4bn in first four months of 2023

In the first four months of 2023, Mobile Money (MoMo) transactions in Ghana totalled GH¢ 550.4 billion.

This is according to data from the Bank of Ghana. Its May 2022 Summary of Economic and Financial Data showed that the figure is an increase in the GH¢ 331.2 billion recorded during the same period in 2022.

For January 2023, money transactions amounted to GH¢ 130.1 billion, up from GH¢ 76.2 billion in 2022.

It increased from GH¢ 76.5 billion in February 2022 to GH¢ 134.0 billion in February 2023 and from GH¢ 90.5 billion in March 2022 to GH¢ 147.5 billion in March 2023.

However, it decreased to GH¢ 138.8 billion in April 2023 as against the GH¢ 87.7 billion recorded for the same month in 2022.

Transactions under the mobile money interoperability dropped to GH¢ 3.15 billion [April 2023] from last year’s GH¢ 3.32 billion.

The number of interoperability transactions also fell to 13.9 million [April 2023] from 14.2 million [April 2022].

Meanwhile, Professor of Finance at the University of Ghana, Godfred Bokpin has attributed the increase in mobile money transactions to the reduction in the electronic levy from 1.5% to 1%.

Prof. Bokpin said the increase in transaction volume is consistent with the people’s acceptance of the digital economy.

He has also advised government to leverage the gains and create an enabling environment to attract digital foreign direct investment into the economy.

Source: Ghana Business