MoMo transactions drop by 24% while value drops by GH₵10 billion
According to Bank of Ghana data, mobile money (MoMo) indicators fell sharply in June 2024.
The overall number of MoMo transactions decreased slightly, to 644 million from 668 million in May 2024.
This resulted in a decrease in the overall value of MoMo transactions from GHS 234.3 billion to GHS 224 billion.
However, the balance of float, or the amount of money kept in mobile money accounts, increased marginally from GHS 21.1 billion to GHS 22.2 billion during the period under review.
The decrease in the usage of mobile money services during the last month could be ascribed to economic and regulatory variables influencing user behavior and market dynamics, as well as increased calls for the elimination or reduction of the E-levy rate.
The total transaction value for mobile money interoperability decreased from GHS 2.8 billion to GHS 2.7 billion.
The overall number of MoMo interoperability transactions declined from 17.7 million to 16.9 million.
Additionally, the overall transaction value of cheques cleared by mobile money decreased from GHS 33.5 billion to GHS 28.2 billion in May 2024.
The total number of such transactions likewise decreased, from 494,000 to 418,000.
Interestingly, all of this occurred during a period when the number of registered and active mobile money accounts increased.
Registered mobile money accounts reached 69.3 million, up from 68.7 million over the period. Active MoMo accounts increased marginally, from 24.1 million to 24.4 million.
On the commercial side, while registered MoMo agents climbed by 5000 in a month, from 843,000 to 848,000, the number of active agents decreased by almost 16,000 (from 567,000 to 551,000).
According to the report, the overall transaction value for direct debit via Automated Clearing House (ACH) decreased from GHS 258.7 million to GHS 208.0 million. The number of transactions decreased from 74,000 to 48,000.
In terms of ACH transactions (Direct Credit), the transaction value dropped from GHS 10.1 billion to GHS 9.3 billion, while the total number of transactions declined to 745,000 from 874,000 in May this year.
Source: Akosua Boatemaa
