Indicators for Mobile Money (MoMo) has essentially fell down for June 2024, according to Bank of Ghana statistics.
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, grew 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 previous month might be ascribed to economic and regulatory variables influencing user behavior and market dynamics, as well as increased calls for the elimination or lowering of the E-levy rate.
The overall 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 overall number of such transactions likewise decreased, from 494,000 to 418,000.
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It’s 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.
Over the time, the number of registered mobile money accounts increased from 68.7 million to 69.3 million. There was a modest 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 almost 16,000 (from 567,000 to 551,000), despite a 5000 gain in registered MoMo agents in a single month (from 843,000 to 848,000).
The report states that there was a decrease in the overall transaction value from GHS 258.7 million to GHS 208.0 million under direct debit through Automated Clearing House (ACH). Transaction volume dropped 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.
