The Bank of Ghana (BoG) has reported a significant decline in mobile money (MoMo) indicators for June 2024.
According to data from the central bank, the total number of MoMo transactions fell to 644 million, down from the 668 million recorded in May 2024.
This resulted in a decrease in the total value of MoMo transactions, dropping from GH¢234.3 billion to GH¢224 billion.
Despite the overall decline, the balance of float, which represents the amount of money held in mobile money accounts, saw a slight increase, rising from GH¢21.1 billion to GH¢22.2 billion during the same period.
This contraction in mobile money usage could be attributed to economic and regulatory factors affecting user behaviour and market dynamics, amidst intensified calls for the reduction or scrapping of the E-levy rate.
In terms of mobile money interoperability, the total transaction value decreased from GH¢2.8 billion to GH¢2.7 billion, while the total number of transactions fell from 17.7 million to 16.9 million.
Additionally, the total transaction value of cheques cleared through mobile money dropped from GH¢33.5 billion to GH¢28.2 billion, with the total number of such transactions declining from 494,000 to 418,000.
Interestingly, these declines occurred during a period when both registered and active mobile money accounts were increasing.
The number of registered mobile money accounts rose to 69.3 million from 68.7 million, while active MoMo accounts saw a slight uptick from 24.1 million to 24.4 million.
Latest Stories
-
GNFS to blacklist locations with record of violence against its officers
3 mins -
Bawumia’s staff are vying to become MPs because they know he’ll lose – Ofosu Ampofo
8 mins -
The unholy judgment as illogical and hypocritical attack on Ohemaa Mercy unfolds
12 mins -
Mahama: Bawumia will receive ‘F’ from Ghanaians for economic mismanagement in 2024 polls
25 mins -
NMCG calls for immediate actions to address impact of galamsey
31 mins -
Living conditions of journalists not palatable; pay them well – Finance Minister to media owners
37 mins -
Beyond the Numbers: Assessing Galamsey’s Impact
42 mins -
Today’s front pages: Monday September 16 2024
55 mins -
ECG reverts to non-compliance with Cash Waterfall Mechanism
56 mins -
Margins ID Group granted cybersecurity license
57 mins -
Telecel Ghana holds sustainability workshop for SMEs
1 hour -
Mahama vows to ensure stable power for 24-Hour economy policy
1 hour -
Stop playing ‘petty’ politics with galamsey; put Ghana first! – NAPO to Mahama
1 hour -
Chief petitions Interior Minister and IGP to probe 3 senior police officers
1 hour -
NDC to engage stakeholders on measures to curb galamsey
1 hour