Recent data from the Bank of Ghana reveals a notable decrease in Mobile Money (MoMo) transactions and values for the month of June 2024.
The total number of MoMo transactions fell to 644 million, down from 668 million in May 2024, marking a significant decline.
This decrease also led to a drop in the total value of MoMo transactions from GHS 234.3 billion to GHS 224 billion.
Despite the overall decline, the balance of float, representing the amount of money held in mobile money accounts, saw a slight increase from GHS 21.1 billion to GHS 22.2 billion during the same period.
Various factors, including economic conditions and regulatory influences, are believed to have contributed to the reduced usage of mobile money services.
This trend comes amidst growing calls for the reduction or elimination of the E-levy rate.
Interoperability within the mobile money sector also experienced a decline, with the total transaction value dropping from GHS 2.8 billion to GHS 2.7 billion.
The total number of transactions under MoMo interoperability decreased from 17.7 million to 16.9 million.
Additionally, the total transaction value of cheques cleared through mobile money decreased from GHS 33.5 billion to GHS 28.2 billion, with the number of transactions dropping from 494,000 to 418,000.
Interestingly, despite the decline in transactions and values, the number of registered mobile money accounts increased to 69.3 million, up from 68.7 million.
Active MoMo accounts also saw a slight uptick, rising from 24.1 million to 24.4 million.
On the business front, while registered MoMo agents increased by 5,000 to 848,000, the number of active agents decreased by approximately 16,000, from 567,000 to 551,000.
The total transaction value under direct debit through Automated Clearing House (ACH) saw a decline to GHS 208.0 million from GHS 258.7 million, with the number of transactions reducing from 74,000 to 48,000.
In terms of ACH transactions (Direct Credit), the transaction value fell from GHS 10.1 billion to GHS 9.3 billion, while the total number of transactions decreased to 745,000 from 874,000 in May 2024.
