MoMo Transactions Reduce by 24 Million

The Bank of Ghana has reported a decrease in the total number of Mobile Money (MoMo) transactions and value last month.

This is despite an increased number of MoMo accounts in the month of June, its Summary of Macroeconomic and Financial Data showed.

Per the data, the number of accounts increased to 69 million in the sixth month of the year 2024 from 68.4 million.

However, the data also showed that the number of transactions reduced by 24 million, reducing from 668 million in May to 644 million in June while the value of transactions that month also reduced from GHC234.3 billion to GHC224.0 billion.

The bank also reported that active MoMo accounts stand at 24.4 million.

Transactions in MoMo were adversely impacted by the introduction of the Electronic Transfer Levy (E-Levy) introduced and implemented by the government in 2023.

The levy which has since been reviewed and reduced to 1% negatively affected the use of the medium in transactions in the country, discouraging users.

Observers also say it has cancelled the gains of running a cashless economy as they call for its scrapping.

Meanwhile, some political parties are preying on this to canvass votes in the upcoming general elections.