• About
  • Advertise
  • Privacy Policy
  • Contact
Thursday, October 2, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

MoMo Transactions Hit GHS 550bn, Representing A 66.2% Year-on-Year Increase.

Stephen M.Cby Stephen M.C
May 22, 2023
Reading Time: 3 mins read
Stephen M.Cby Stephen M.C
in Sub Top Stories, Sub Top Stories1, Vaultz Business
0
MoMo Transactions Hit GHS 550bn, Representing A 66.2% Year-on-Year Increase.

MoMo Transactions

In a spectacular display of strength and tenacity, Ghana’s mobile money sector has seen an unprecedented growth, with total transactions exceeding Ghc550 billion in the first four months of 2023. 

According to recent data issued by the respected Bank of Ghana, this represents an amazing year-on-year growth rate of 66.2%.

Comparatively, during the same period in 2022, mobile money transactions amounted to Gh¢331.2 billion, showcasing a significant acceleration in the adoption and usage of mobile money services across the country.

RelatedPosts

Ghana’s Cocoa Arrivals Quadruple in August, Shaking Global Chocolate Market

Inflation Unshaken Despite Power Tariff Hike, Thanks to Favorable Base Effect – Analysts

President Mahama Declares War on Cyber Crimes

As stated by reports, should this upward trend persist, it is highly likely that the total mobile money transactions for this year will once again exceed Gh¢1 trillion, reaffirming Ghana’s position as a leader in mobile financial services in the region.

Delving into the specifics, the Bank of Ghana’s May 2022 Summary of Economic and Financial Data revealed that mobile money transactions in January 2023 reached an estimated Gh¢130.1 billion, a substantial leap from the Gh¢76.2 billion recorded during the same period in the previous year. 

momo 2
Growth in MoMo transcations

The report further noted that the rising trend continued in February, with transactions reaching Ghc134.0 billion, well exceeding the similar amount of 76.5 billion in February 2022. Mobile money transactions increased even more in March 2023, hitting Ghc147.5 billion, up from 90.5 billion in March 2022.

However, April 2023 witnessed a slight dip, with mobile money transactions falling to Gh¢138.8 billion (compared to ¢87.7 billion in April 2022).

Despite this minor setback, the overall growth trajectory remains undeniably impressive, solidifying the mobile money sector’s pivotal role in Ghana’s financial landscape.

Revenue Generation Declines In The Mobile Money Sector

Surprisingly, this tremendous increase in mobile money transactions has occurred at a time when the country imposed a 1% Electronic Transaction Levy (E-Levy) to generate additional revenue.

MOMO 3
Fall in MoMo Revenue

Contrary to expectations, the application of this charge has functioned as a stimulus for increased growth, rather than a deterrent to the use of mobile money services.

According to the data, mobile money transactions have increased at a slightly higher pace of 1.5% after the adoption of the E-Levy in May 2022.

Recognizing the potential impact of this tax on the economy and to alleviate the burden on consumers, the Ghanaian government, on 11 January 2023, reduced the E-Levy rate from 1.5% to 1.0%. This adjustment reflects a proactive approach by the government to balance revenue generation with fostering a conducive environment for digital financial services to thrive.

The reasons behind this discrepancy are multifaceted and require a comprehensive examination of various factors, including consumer behavior, market dynamics, and the overall economic climate.

It is important for policymakers and industry stakeholders to collaboratively explore strategies that can optimize revenue streams from mobile money services without hindering their remarkable growth trajectory.

Read also: Minister Lauds the Contributions of Afreximbank to Ghana’s Economy

Tags: Bank of GhanaElectronic Transaction Levy (E-Levy)May 2022 Summary of Economic and Financial Datamobile money transactionsrevenue
Please login to join discussion
Previous Post

Minister Lauds the Contributions of Afreximbank to Ghana’s Economy

Next Post

Biden And McCarthy To Hold Talks On U.S Debt Ceiling

[mc4wp_form id="1264"]

Related Posts

President John Dramani Mahama
General News

Beyond US Visa Restriction Reversal: Ghana Moves to Renegotiate 15% Tariff and Secure AGOA Renewal

October 1, 2025
President John Dramani Mahama
General News

Mahama Commissions New Ambassadors, Demands High Standards of Service

October 1, 2025
Vance Signals US Indifference To India-Pakistan Conflict
USA

Vance Warns Of Layoffs If Shutdown Drags On

October 1, 2025
Vendor Engagement Seminar
Extractives/Energy

GNPC Hosts Maiden Vendor Engagement to Boost Local Content 

October 1, 2025
AI Apps to Transform Senior High School Education
General News

AI Apps to Transform Senior High School Education

October 1, 2025
Morocco Youth Protests Escalate Into Nationwide Unrest
Africa

Morocco Youth Protests Escalate Into Nationwide Unrest

October 1, 2025
President John Dramani Mahama
General News

Beyond US Visa Restriction Reversal: Ghana Moves to Renegotiate 15% Tariff and Secure AGOA Renewal

by Evans Junior OwuOctober 1, 2025
President John Dramani Mahama
General News

Mahama Commissions New Ambassadors, Demands High Standards of Service

by Evans Junior OwuOctober 1, 2025
Vance Signals US Indifference To India-Pakistan Conflict
USA

Vance Warns Of Layoffs If Shutdown Drags On

by Comfort AmpomaaOctober 1, 2025
Vendor Engagement Seminar
Extractives/Energy

GNPC Hosts Maiden Vendor Engagement to Boost Local Content 

by Prince AgyapongOctober 1, 2025
AI Apps to Transform Senior High School Education
General News

AI Apps to Transform Senior High School Education

by Silas Kafui AssemOctober 1, 2025
Morocco Youth Protests Escalate Into Nationwide Unrest
Africa

Morocco Youth Protests Escalate Into Nationwide Unrest

by Lawrence AnkutseOctober 1, 2025
President John Dramani Mahama
President John Dramani Mahama
Vance Signals US Indifference To India-Pakistan Conflict
Vendor Engagement Seminar
AI Apps to Transform Senior High School Education
Morocco Youth Protests Escalate Into Nationwide Unrest
[/vc_row_inner]

Recent News

  • Beyond US Visa Restriction Reversal: Ghana Moves to Renegotiate 15% Tariff and Secure AGOA Renewal
  • Mahama Commissions New Ambassadors, Demands High Standards of Service
  • Vance Warns Of Layoffs If Shutdown Drags On
  • GNPC Hosts Maiden Vendor Engagement to Boost Local Content 
  • AI Apps to Transform Senior High School Education
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.