The Bank of Ghana has announced that the total number of Mobile Money (MoMo) transactions for June 2024 dipped significantly, falling from the May figure of GH¢668 million to GH¢644 million.
This, according to the central bank, led to a fall in the total value of MoMo transactions from GH¢234.3 billion to GH¢224 billion.
Despite the fall in transactions and value, the balance of float which is the amount of money held in mobile money accounts increased marginally from GHC21.1 billion to GHC22.2 billion during the period under review.
The BoG report disclosed that the contraction in mobile money services in the last month could be attributed to economic and regulatory factors affecting user behaviour and market dynamics amidst intensified calls for the scrapping or reduction of the E-levy rate.
Mobile money interoperability also dropped in value from GH¢2.8billion to GH¢2.7billion in transaction within the period.
The total number of transactions under MoMo interoperability also fell to 16.9 million from 17.7 million.
Total transaction value of cheques cleared through mobile money also fell from GH¢33.5billion recorded in May 2024 to GH¢28.2billion in June.
The total number of such transactions also dropped from 494,000 to 418,000.
The statistics however, occurred when registered and active mobile money accounts have been increasing.
The registered mobile money accounts hit 69.3 million up from the 68.7 million during the period. The active MoMo accounts went up slightly from 24.1 million to 24.4 million.
On the business side, while registered MoMo agents increased by 5000 in one month from 843,000 to 848,000, the number of active agents dropped by about 16,000 from 567,000 to 551,000.
Per the report, the total transaction value under direct debit through Automated Clearing House (ACH) declined to GHC208million from GHC 258.7million. The number of transactions reduced from 74,000 to 48,000.
In terms of ACH transactions (Direct Credit), the transaction value fell from GH¢10.1billion to GH¢9.3billion while the total number of transactions fell to 745,000 from the 874,000 recorded in May 2024.