Mobile money transactions hit GH₵953.2 billion in 2021

The honorable Minister for Finance, Hon. Ken Ofori-Atta, has revealed that for the year 2021, the value of mobile money transactions was estimated to be GH₵953.2 billion.

The minister spoke at a press conference organized to update the Ghanaian populace on measures being put in place to ensure smooth implementation of the controversial e-levy bill.

According to him, Ghana has over 40.5 million mobile phone subscribers and more than 17.1 million of them have active mobile money wallets.

He said between 2016 and 2021, there was a rise from GH₵78.5 billion to the current GH₵953.2 billion, representing a compound annual growth rate (CAGR) of 65%.

In 2020 alone, mobile moment transactions accrued GH₵564 billion, twice as much as the previous year.

Mobile money has now become the preferred digital payment method in Ghana, due to its simplicity and easy access.

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Mobile money only requires a USSD code while most digital payment methods make use of an internet connection.

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In the 2022 budget, the government introduced an Electronic Transfers Levy (e-levy) of 1.75% targeted mainly at mobile money transfers because of its magnitude.

The e-levy will affect mobile money transfers between accounts on the same Electronic Money Issuer (EMI), mobile money transfers from an account on one EMI to a recipient on another EMI, transfers from bank accounts to mobile money accounts, transfers from mobile money accounts to bank accounts, and bank transfers on a digital platform application which originates from a bank account belonging to an individual to another individual

On the other, e-levy will not affect cumulative transfers of GH₵100 daily made by the same person, transfers between accounts owned by the same person, transfers for payment of taxes, fees, levies on the Ghana.Gov platform, electronic clearing of cheques, specified merchant payments to commercial establishments registered with the Ghana Revenue Authority (GRA) for income tax and Value Added Tax (VAT) purposes, transfers between principal, master agents and agent accounts.

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