In 2023, the total amount of transactions made using Mobile Money hit a record high.

The Bank of Ghana reported in its January 2024 Summary of Economic and Financial Data that the total amount of mobile money transactions in the previous year was GH¢1.912 trillion.

In contrast, that amounts to GH¢1.07 trillion in 2022.

GH¢1.527 trillion had been transacted through Mobile Money in the first ten months of 2023, a record amount.

According to data from the Bank of Ghana, the largest ever mobile money transaction value was GH¢199.3 billion in December 2023.

According to the data, there was a constant increase in the total number of mobile money transactions between January 2023 and December 2023. Over GH¢100 billion was recorded in each of the past 12 months.

GH¢130.1 billion worth of mobile money transactions were made in January 2023 as opposed to GH¢76.2 billion in the same month the previous year in 2022.

In February 2023, it reached GH¢134.0 billion (compared to GH¢76.5 billion in February 2022), and in March 2023, it reached GH¢147.5 billion (compared to GH¢90.5 billion in March 2022).

But in April 2023, it was just GH¢138.8 billion (GH¢87.7 billion). It then surged to GH¢159.7 billion (GH¢71.4 billion) in May 2023 (May 2022: GH¢71.4 billion), and then it decreased little to GH¢149.4 billion (GH¢77.1 billion) in June 2023.

However, in July 2023, it achieved a record-breaking transaction of GH¢169.6 billion, which later dropped to GH¢161.8 billion in August 2023. Before reaching an all-time high of GH¢179.2 billion in October 2023, it dropped once more to GH¢157.0 billion in September 2023 (GH¢88.2 billion: September 2022).

In November 2024, it reached GH¢185.9 billion.

It’s not apparent if the government is reaching the 2023 Electronic Transfer Levy (E-Levy) objective, even with mobile money’s stellar success.