The Bank of Ghana’s latest data reveals a downturn in Mobile Money (MoMo) activities for June 2024.
The total number of MoMo transactions decreased significantly to 644 million, down from 668 million in May 2024.
Correspondingly, the total value of these transactions fell from GHS 234.3 billion to GHS 224 billion.
While transaction numbers and values dropped, the balance of float – the total amount of money held in mobile money accounts – experienced a slight increase from GHS 21.1 billion to GHS 22.2 billion.
This decline in MoMo usage is attributed to economic and regulatory challenges, including heightened calls for the reduction or elimination of the E-levy rate.
MoMo interoperability also experienced a drop, with the total transaction value slipping from GHS 2.8 billion to GHS 2.7 billion, and the number of such transactions decreasing from 17.7 million to 16.9 million.
Additionally, the value of cheques cleared via MoMo fell from GHS 33.5 billion in May to GHS 28.2 billion in June, with the number of transactions dropping from 494,000 to 418,000.
Despite these declines, the number of registered and active mobile money accounts continued to rise. Registered accounts grew from 68.7 million to 69.3 million, and active accounts increased slightly from 24.1 million to 24.4 million.
On the business front, the number of registered MoMo agents rose by 5,000, reaching 848,000. However, the number of active agents declined by 16,000, dropping from 567,000 to 551,000.
The report also highlighted a decrease in direct debit transactions through the Automated Clearing House (ACH), with the total transaction value falling from GHS 258.7 million to GHS 208.0 million, and the number of transactions reducing from 74,000 to 48,000. For ACH direct credit transactions, the total value declined from GHS 10.1 billion to GHS 9.3 billion, and the number of transactions fell from 874,000 to 745,000.
