The mobile money transactions show a notable decrease during June 2024, despite the growth of account registrations
The Mobile Money (MoMo) related activities experienced a substantial drop in June 2024 as datasets retrieved from the Bank of Ghana demonstrated.
The total count of MoMo deals underwent a steep fall of 644 to 668million from May2024 to June2024. Thus, the value of MoMo transactions was lower, decreasing from GHS 234.3 billion to GHS 224 billion.
The other side of the float, which stands for the money amount held in mobile money accounts, saw a small raise with GHS 21.1 billion to GHS 22.2 billion within the same period.
The heavy fall in mobile money use in the previous month could have been related to situations like economic and regulatory influences that changed the habits of users and the market dynamics. The more prudent members of the general public are also those that prompt the growth in the number of voices asking for E-levy rate cut-off.
Concerning mobile money interoperability, the total transaction value dropped as low as GHS 2.7 billion from GHS 2.8 billion. The total number of interoperability transactions also reduced to 16.9 from 17.7 million.
Mobile money was also used to clear cheques, and the volume of cheques moving through mobile money platforms declined, going from GHS 33.5 billion in May 2024 to GHS 28.2 billion. The number of such transactions decreased from 494,000 to 418,000.
It is quite surprising that this decrease happened at a time when the number of registered and active mobile money accounts was shooting up. The mobile money accounts that are registered are now at 69.3 million, all thanks to the jump in the number of customers from 68.7 million, and the numbers of active MoMo accounts are now showing a gradual upward trend from 24.1 million to 24.4 million.
The business end saw registered MoMo agents increase to 848,000 from 843,000, gaining 5,000 new agents. There, notwithstanding, the number of active agents dropped by 16,000, from 567,000 to 551,000.
The report also reported a decrease in the total transaction value through the direct debit service offered on the Automated Clearing House (ACH). It went down to GHS 208.0 million from GHS 258.7 million. The total number of transactions through the ACH channel was reduced from 74,000 to 48,000.
With respect to ACH transactions (Direct Credit), the transaction value fell to GHS 9.3 billion from GHS 10.1 billion, while the total number of transactions decreased to 745,000 as compared to 874,000 recorded in May 2024.
