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
-
Postecoglou backs Bentancur appeal after ‘mistake’
16 mins -
#Manifesto debate: NDC to enact and pass National Climate Law – Prof Klutse
25 mins -
‘Everything a manager could wish for’ – Guardiola signs new deal
34 mins -
TEWU suspends strike after NLC directive, urges swift resolution of grievances
41 mins -
Netflix debuts Grain Media’s explosive film
1 hour -
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
2 hours -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
2 hours -
IPR Ghana@50: Pupils educated to keep the environment clean
2 hours -
PenTrust CEO named ‘Best Pensions CEO’, company wins ‘Scheme Administrator Award’ at Ghana Accountancy & Finance Awards 2024
2 hours -
Alan Kyerematen’s ‘Brighter Future for Health Professionals’ in Ghana Revealed in Bono
3 hours -
#TheManifestoDebate: NPP will ensure a safer, cleaner and greener environment – Dr Kokofu
3 hours -
2024 Election: Police to deal with individuals who will cause trouble – IGP
3 hours -
Seychelles President’s visit rekindles historical and diplomatic ties with Ghana
3 hours -
Election 2024: EC destroys defective ballot papers for Ahafo and Volta regions
3 hours -
2024 Election: I am sad EC disqualified me, but I endorse CPP’s candidate – PNP’s Nabla
3 hours