MoMo Transactions Decrease to GH¢644 Million in June – BoG Report

Recent data released by the Bank of Ghana highlights a downturn in mobile money activity for June 2024.

According to the report, the total value of mobile money transactions dipped to GH¢644 million, down from GH¢668 million in May 2024. This decline also led to a reduction in total transaction value from GH¢234.3 billion to GH¢224 billion.

Despite these decreases, the balance of float, representing funds held in mobile money accounts, saw a slight rise from GH¢21.1 billion to GH¢22.2 billion during the same period.

The central bank attributed the decline in mobile money usage to economic pressures, regulatory changes, and shifting market dynamics, amid ongoing debates about reducing or eliminating the E-levy rate.

In terms of mobile money interoperability, the total transaction value fell from GH¢2.8 billion to GH¢2.7 billion, with the number of transactions decreasing from GH¢17.7 million to GH¢16.9 million.

Transactions involving checks cleared via mobile money also saw a decrease, with the transaction value dropping from GH¢33.5 billion to GH¢28.2 billion, and the number of transactions declining from 494,000 to 418,000.

During the period under review, registered mobile money accounts increased to 69.3 million from 68.7 million, while active MoMo accounts rose slightly from 24.1 million to 24.4 million.

Registered MoMo agents also saw an increase of 5,000, reaching 848,000, although the number of active agents decreased from 567,000 to 551,000.

Additionally, the report noted a decrease in direct debit transactions through Automated Clearing House (ACH), with transaction value falling to GH¢208.0 million from GH¢258.7 million, and the number of transactions decreasing from 74,000 to 48,000.

Similarly, ACH transactions involving direct credit decreased in value from GH¢10.1 billion to GH¢9.3 billion, with the total number of transactions decreasing to 745,000 from 874,000 recorded in May.