Ghana Mobile Money Transactions Hit GH¢1.775 Trillion So Far In 2024

• Mobile money transactions in Ghana amounted to GH¢1.775 trillion in the first eight months of 2024
• The September 2024 Summary of Economic and Financial Data by the Bank of Ghana outlines the new figures on mobile money transactions
• As of August 2024, there were 70.5 million mobile money accounts in Ghana, of which 22.8 million are considered active

Mobile money transactions hit GH¢1.775 trillion in the first eight months of 2024.

According to data from the central bank, this figure is up from the GH¢1.031 trillion recorded in the same period for 2023.

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.

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As of August 2024, there were 70.5 million mobile money accounts in Ghana, of which 22.8 million are active.

There are also 863 mobile money agents nationwide, of which 523 are tagged as active accounts.

Mobile money vendors get increased commissions

This news comes after mobile money agents saw increased commissions on large transactions starting March 1, 2024.

The vendors now make a 0.4% commission on transactions up to GH¢2,000.

Before, transactions between GH¢1,000 and GH¢2,000 had a flat fee of GH¢4.

The maximum commissions have been raised to GH¢8 from GH¢4. This affects transactions of GH¢2,000 and above.

This comes after the Central Bank reviewed the transaction and balance limits of mobile money wallets upward.

From March 1, 2024, customers with a minimum account, which initially had a limit of GH¢2,000, have been upgraded to GH¢3,000 for daily transaction limits, among others.

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Vendors have been upset at low commissions and recently limited cash withdrawals to a maximum of GH¢1,000 per transaction for a period.

GH¢810m revenue from e-levy in first half of 2024

YEN.com.gh reported that the government accrued GH¢810.5 million from the Electronic Transactions Levy during the first half of 2024.

The government hopes to raise GH¢2.1 billion from the Electronic Transactions Levy by the end of the year.

The levy is devised as a 1% tax on all electronic money transactions, with a daily free limit of GH¢100.

Source: YEN.com.gh