According to the latest Bank of Ghana data, the value of mobile money transactions increased by 13.6 percent year on year to GHS76.2 billion in the first month of this year.
The total number of MoMo transactions increased from 301 million in January last year to 372 million in January this year, according to the Central Bank’s Summary of Macroeconomic and Financial Data report.
Between January 2021 and January 2022, the value of Mobile Money Interoperability transactions increased by more than 130 percent, from GHS906 million to more than GHS2.1 billion.
Although it is observed that on a year-on-year basis, most of these transactions recorded an increase in value and volume between January last year and January this year, the figures decreased on a monthly basis.
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These reductions seem to be a result of reactions to the proposed electronic transfer levy, as government communications had earlier confirmed a reduction in the volumes if the tax policy is approved.
The value of MoMo transactions in January this year, for instance, saw an eight percent decrease from the GHS82.9 billion recorded during the festive period to a record GHS76.2 billion.
The number of MoMo transactions also saw a drop from 401 million in December to 372 in January this year.
Mobile Money Interoperability also saw a 15 percent drop in volume from 12.2 million in December to 10.3 million in January.
Even Ghana Interbank Payment and Settlement Systems (GHIPPS) Instant Pay, which has constantly seen a rise in volume over the past months saw a 14 percent decrease from 5,375 to 4,620.
Players in the industry have hence predicted more decreases in the volumes and value of electronic transactions should the government go ahead to implement the electronic transfer levy.
