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HomeNewsBusinessMobile Money Transactions Decline in June 2024

Mobile Money Transactions Decline in June 2024

Mobile Money (MoMo) transactions experienced a notable decline in June 2024, as reported by the Bank of Ghana. The total number of MoMo transactions decreased to 644 million from 668 million in May 2024. This resulted in a drop in the total value of transactions from GHS 234.3 billion to GHS 224 billion.

Interestingly, the balance of float, representing the money held in mobile money accounts, saw a slight increase from GHS 21.1 billion to GHS 22.2 billion.

The decrease in MoMo usage could be influenced by economic and regulatory factors, along with calls for the reduction or removal of the E-levy rate.

MoMo interoperability also saw a decline, with the total transaction value dropping from GHS 2.8 billion to GHS 2.7 billion and the number of transactions falling from 17.7 million to 16.9 million. The value of checks cleared through MoMo decreased from GHS 33.5 billion to GHS 28.2 billion, with the number of transactions dropping from 494,000 to 418,000.

Despite these declines, the number of registered and active mobile money accounts increased. Registered accounts grew to 69.3 million from 68.7 million, and active accounts rose slightly from 24.1 million to 24.4 million. Registered MoMo agents increased by 5,000 to 848,000, although active agents decreased by 16,000 to 551,000.

Additionally, the total transaction value under direct debit through the Automated Clearing House (ACH) fell from GHS 258.7 million to GHS 208.0 million, and the number of transactions decreased from 74,000 to 48,000. ACH direct credit transactions also declined, with the transaction value dropping from GHS 10.1 billion to GHS 9.3 billion and the number of transactions falling from 874,000 to 745,000.