MoMo transactions records 3% decline in value
The value of mobile money transactions has seen a three percent decrease in a period of one month between March and April 2022.
According to latest data from the Bank of Ghana, the value of transactions dropped from GHS90.5 billion in March to GHS87.7 billion in April.
The number of MoMo transactions also dropped from 413 million in March to 403 million in April.
The Central Bank’s Summary of Economic and Financial Data revealed a minimal decrease in the number of active mobile money accounts from 18.9 million to 18.6 million between March and April this year.
Although it is observed that on a year-on-year basis, most of these transactions recorded an increase in value and volume between April last year and April this year, the figures decreased on a monthly basis.
These reductions seem to be a result of reactions to the electronic transfer levy prior to its actual implementation on May 1, as experts had earlier predicted a reduction in the volumes if the tax policy is approved.
This was indeed confirmed as Mobile Money agents across the country lamented a shortage of cash due to the rush from customers to withdraw their funds from their accounts ahead of the implementation of the levy.
Amidst all this, Mobile Money Interoperability on the other hand has seen increases in both volume and value over the months.
The Bank of Ghana data disclosed that the number of MoMo Interoperability transactions saw an 11 percent increase to record 14.2 million in April, while the value saw about 20 percent increase for the same month.