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THE RISE OF MOBILE MONEY IN GHANA

 

The mobile money space in Ghana has seen a constant growth since it’s introduction almost a decade ago.

In 2018, the GoG, BoG, GHIPPS and commercial banks lunched the mobile money interoperability system. This service allows for direct and effortless transfer of funds from one mobile money wallet to another mobile money wallet across networks.


The Bank of Ghana as part of efforts to facilitate a more efficient payments and encourage a seamless transition to a cashlite society, as well as promote non-cash mode of payment reviewed upwardly the limits set on daily mobile money transactions and the maximum account balances on mobile money wallets.

Mobile money transactions hit GH¢550.4bill. in the first four months of 2023, data released by the Bank of Ghana shows. According to its May 2022 summary of economic and financial data, mobile money transactions for January 2023, were estimated at GH¢130.1bill. compared to GH¢76.2bill. in January 2022. However, it increases from GH¢76.5bill. in February 2022 to GH¢134.0bill. in February 2023, and subsequently, increased from GH¢90.5bill. in march 2022 to GH¢147.5bill. in march 2023. Unfortunately, it decreased to GH¢138.8bill. in April 2023, as against the GH¢87.7bill. recorded in the same month last year.

Transactions under the mobile money interoperability dropped from GH¢3.32bill. in April 2022 to GH¢3.15bill. in April 2023. The volume of interoperability transactions also dropped from GH¢14.2mill. in April 2022 to GH¢13.9mill. in April 2023.


The growth in mobile money transactions comes despite the 1% electronic levy charge (E.levy) imposed on all mobile money transactions. The E.levy, which was initially pegged at 1.5% was subsequently reviewed to 1% after receiving numerous backlash from members of the public and some CSO’s.

The government can however, leverage on these gains to create an enabling environment to attract more foreign direct investment into the country to help boost economic growth.

 

 

 

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