Mobile Money (MoMo) indicators experienced a notable decline in June 2024, according to data from the Bank of Ghana. The total number of MoMo transactions fell to 644 million, down from 668 million in May 2024. This decrease was mirrored in the total value of MoMo transactions, which dropped from GHS 234.3 billion to GHS 224 billion.
Despite this downturn, the balance of float, or the amount of money held in mobile money accounts, saw a marginal increase, rising from GHS 21.1 billion to GHS 22.2 billion during the same period.
The contraction in the use of mobile money services can be attributed to economic and regulatory factors affecting user behavior and market dynamics. This includes intensified calls for the reduction or elimination of the E-levy rate.
In the realm of mobile money interoperability, the total transaction value fell from GHS 2.8 billion to GHS 2.7 billion, while the total number of transactions dropped to 16.9 million from 17.7 million.
Additionally, the total transaction value of cheques cleared through mobile money decreased from GHS 33.5 billion to GHS 28.2 billion, with the number of such transactions falling from 494,000 to 418,000.
Interestingly, these declines occurred during a period when the number of registered and active mobile money accounts was increasing. Registered mobile money accounts rose to 69.3 million, up from 68.7 million, and active MoMo accounts increased slightly from 24.1 million to 24.4 million.
On the business side, the number of registered MoMo agents grew by 5,000, reaching 848,000, but the number of active agents dropped by about 16,000, falling from 567,000 to 551,000.
The report also indicated a decline in the total transaction value under direct debit through Automated Clearing House (ACH), which fell to GHS 208.0 million from GHS 258.7 million, with the number of transactions decreasing from 74,000 to 48,000. For ACH transactions (Direct Credit), the transaction value dropped from GHS 10.1 billion to GHS 9.3 billion, while the total number of transactions fell to 745,000 from 874,000 in May 2024.
