Indicators for mobile money (MoMo) essentially fell off for June 2024, according to Bank of Ghana data.
Compared to the 668 million transactions recorded in May 2024, the total number of MoMo transactions decreased dramatically to 644 million.
The overall value of MoMo transactions decreased as a result, from GHS 234.3 billion to GHS 224 billion.
The amount of money kept in mobile money accounts, or the balance of float, did, however, slightly rise during the review period, rising from GHS 21.1 billion to GHS 22.2 billion.
Amidst increased calls for the elimination or reduction of the E-levy rate, economic and regulatory factors that impact user behavior and market dynamics may be to blame for the decline in the use of mobile money services over the past month.
The overall transaction value decreased from GHS 2.8 billion to GHS 2.7 billion in terms of mobile money interoperability.
Additionally, under MoMo interoperability, the total number of transactions decreased from 17.7 million to 16.9 million.
Additionally, as of May 2024, the total transaction value of checks cleared through mobile money dropped from GHS 33.5 billion to GHS 28.2 billion.
There were also fewer of these transactions overall—418,000 as opposed to 494,000.
It is interesting to note that all of these took place at a time when the number of mobile money accounts that were registered and active was rising.
During that time, there were 69.3 million registered mobile money accounts, an increase from 68.7 million. There was a slight increase in active MoMo accounts from 24.1 million to 24.4 million.
In terms of business, the number of active MoMo agents decreased by roughly 16,000 (from 567,000 to 551,000), despite a 5000 increase in registered MoMo agents in a single month (from 843,000 to 848,000).
The report states that there was a decrease in the total transaction value from GHS 258.7 million to GHS 208.0 million under direct debit through Automated Clearing House (ACH). The number of transactions decreased 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 fell to 745,000 from the 874,000 recorded in May this year.
