Data released by the Bank of Ghana has revealed that mobile money (MoMo) indicators took a nosedive in June 2024.

According to the data, the total number of MoMo transactions fell to GH¢644million compared to the GH¢668million recorded in May 2024.

This translated into a fall in the total value of MoMo transactions from GH¢234.3 billion to GH¢224 billion.

Despite these figures, the balance of float, which is the amount of money held in mobile money accounts, increased marginally from GH¢21.1 billion to GH¢22.2 billion during the period under review.

The central bank explained that the contraction in the use of mobile money services in the last month could be attributed to economic and regulatory factors affecting user behavior and market dynamics amidst intensified calls for the scrapping or reduction of the E-levy rate.

In terms of mobile money interoperability, the total transaction value dropped from GH¢2.8 billion to GH¢2.7 billion.

The total number of transactions under MoMo interoperability also fell to GH¢16.9 million from GH¢17.7 million.

The total transaction value of checks cleared through mobile money also fell from GH¢33.5 billion to GH¢28.2 billion recorded in May 2024.

The total number of such transactions also dropped from 494,000 to 418,000.

The activities for which data was disclosed occurred during a period when registered and active mobile money accounts have been increasing.

The registered mobile money accounts hit 69.3 million, up from 68.7 million during the period. The active MoMo accounts went up slightly from 24.1 million to 24.4 million.

Meanwhile, registered MoMo agents increased by 5,000 in one month, from 843,000 to 848,000, whereas the number of active agents dropped by about 16,000 (from 567,000 to 551,000).

The report added that the total transaction value under direct debit through Automated Clearing House (ACH) declined to GH¢208.0 million from GH¢258.7 million. The number of transactions decreased from 74,000 to 48,000.

In terms of ACH transactions (direct credit), the transaction value fell from GH¢10.1 billion to GH¢9.3 billion, while the total number of transactions fell to 745,000 from the 874,000 recorded in May this year.