The latest data from the Bank of Ghana reveals a significant decline in Mobile Money (MoMo) indicators for June 2024.
The total number of MoMo transactions experienced a notable drop, falling to 644 million from 668 million in May 2024.
This decrease translated into a decline in the total value of MoMo transactions, which slipped from GHS 234.3 billion to GHS 224 billion.
Similarly, mobile money interoperability transactions saw a decline in both value and volume.
The total transaction value under this category dropped from GHS 2.8 billion to GHS 2.7 billion, while the number of transactions fell from 17.7 million to 16.9 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 transactions also falling from 494,000 to 418,000.
Interestingly, despite these declines, the number of registered and active mobile money accounts continued to grow.
Registered accounts increased to 69.3 million, up from 68.7 million, while active accounts rose slightly to 24.4 million.
However, the number of active mobile money agents decreased by 16,000, from 567,000 to 551,000, despite a 5,000 increase in registered agents.
The data also shows a decline in direct debit transactions through Automated Clearing House (ACH), with the total transaction value falling from GHS 258.7 million to GHS 208.0 million, and the number of transactions decreasing from 74,000 to 48,000.
ACH transactions (Direct Credit) also saw a decline, with the transaction value dropping from GHS 10.1 billion to GHS 9.3 billion, and the number of transactions falling to 745,000 from 874,000.
These declines may be attributed to various economic and regulatory factors, including the controversial E-levy rate, which has sparked calls for reduction or scrapping.
Despite the downturn, the growth in mobile money accounts and agents indicates a resilient market.
