Total value of mobile money transactions decrease by GH¢3.2b

The Payment Systems Data released by the Bank of Ghana this week has some interesting information on the state of the mobile money sector.

According to the data, the total value of mobile money transactions has fallen by GH¢3.2 billion in one month from November to December 2021.

The number of registered mobile money account holders increased from 47.7 million to 48. 3 million, while the number of active mobile money accounts fell from 18 million to 17.9 million within the same period.

The data also shows that the number of registered agents has increased from 570,000 to 580,000 in the same period – that’s from November to December 2021, and the number of active agents grew from 439,000 to 442,000.

The total number of transactions, according to the data also grew from 398 million to 401 million, however, the total value of transactions fell from GH¢86.1 billion in November to GH¢82.9 billion in December – a drop of GH¢3.2 billion.

While the Bank did not assign specific reasons for this drop in the total value of transactions – there is suspicion that it could be attributed to the government’s proposed e-Levy, to be imposed on mostly mobile money transactions. The government was proposing a 1.75 per cent tax on transactions in addition to the 1 per cent already being charged by the mobile companies. It has since reduced the tax to 1.5 per cent.

But there is strong public opposition to the levy, seen largely as a repressive tax.

By Emmanuel K. Dogbevi
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