Mobile money transactions Archives

31 Jan

Total Mobile Money Transactions Hit Record ¢1.07trillion In 2022

wontumionlineBusinessBoG, E-levy, Mobile money transactions

Total Mobile Money transactions in 2022 hit a record ¢1.07 trillion despite the existence of the Electronic Transaction Levy (E-Levy), the January 2022 Summary of Economic and Financial Data by the Bank of Ghana has revealed. This is compared with about ¢902.5 billion recorded in 2022 According to the data, the biggest transactions occurred in December 2022 and November 2022, whereby ¢122 billion and ¢117 billion respectively were recorded. There were fears that the implementation of the E-Levy in May 2022 was going to affect Mobile Money transactions, but that has not been the case. From the data, Mobile Money…

Total Mobile Money Transactions Hit ¢833.3bn In October 2022 Despite E-levy Implementation

wontumionlineBusinessBoG, E-levy, Mobile money transactions, Summary of Economic and Financial Data by the Bank of Ghana

Despite the implementation of the Electronic Transaction Levy (E-Levy), total Mobile Money transactions in the first 10 months of 2022 grew by 12.9% year-on-year to ¢833.3 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed. It’s therefore baffling why the government cannot accrue significant revenue from the tax on electronic transfers, despite the immense growth in mobile money transactions. In October 2021, total mobile money transactions were estimated at ¢737.6 billion. Comparing that figure to the same period in 2022, the transactions have shot up by an additional ¢95.7 billion. A recent survey…

E-levy At 0.5% Would Have Raked In ¢2.64bn Revenue In 2022; Many Transactions Avoiding Levy – Report

wontumionlineBusinessCenter for Economics Finance and Inequality Studies (, E-levy, Mobile money transactions

A research by the Center for Economics Finance and Inequality Studies (CEIS) has indicated that if the rate of the Electronic Transaction Levy (e-levy) had been revised to 0.5%, and 54% of the existing active users patronise “Mobile Money” transactions, the expected revenue for this year will have been a little above ¢2.64 billion. This estimate is greater than the total revenue the government anticipates from the e- levy for 2022. The anticipated revenue from the e-levy for the year 2022 was ¢6.96 billion or $1.15 billion, which was later revised to ¢4.5 billion and again to ¢611 million. The…