Mobile Money transactions record 13% year-on-year growth to ¢76.2bn in January 2022

The Bank of Ghana has revealed in its Summary of Economic and Financial Data that Mobile Money transactions in the first month (January) of 2022 grew by 13.56% year-on-year to ¢76.2 billion.

In the month of January 2021, mobile money transactions stood at ¢67.1 billion.

In December 2021, ¢82.9 billion was recorded due to the Christmas festivities.

Based on the trend of Mobile Money transactions in 2021, one cannot conclude that there has been a decline in transactions due to the anticipated approval of the Electronic Transaction Levy.

This is because there was a month-on-month fluctuation in Mobile Money transactions in 2021.

In terms of Mobile Money Interoperability, ¢2.107 billion was recorded in January 2022, higher than the ¢906 million registered in January 2021.

The registered Mobile Money Accounts also stood at 48.4 million in January 2022, up from 48.3 million in December 2021.

Undoubtedly, Mobile Money remained the biggest payment solution in the country with an estimated ¢905.1 billion transactions recorded in 2021.

According to data from the Bank of Ghana, the value of mobile money transactions in January, February, March, April, May, June, July, August, September, October, November and December 2021 were estimated at ¢67.1 billion, ¢67.9 billion, ¢82.3 billion, ¢83.8 billion, ¢86.5 billion, ¢89.1 billion, ¢99.1 billion, ¢81.8 billion, ¢71 billion, ¢80.0 billion, ¢86.1 billion and ¢82.9 billion respectively.