Mobile Money transactions value for April declines by 3%

In the month preceding the implementation of the Electronic-Levy, the total value of Mobile Money transactions reduced by a 3 per cent margin from GH¢90.5 billion in March to GH¢87.7 billion in April.

This is despite an increase in the number of registered mobile money accounts, which moved from 49.9 million in March to 50.2 million in April with about 18.6 million active accounts.

This is contained in the Bank of Ghana (BoG) Summary of Economic and Financial Data for May 2022, which was released on Friday.

The data showed that the total number of Mobile Money transactions had also decreased by 2.4 per cent from 413 million in March to 403 million in April.

At the end of April 2022, the report indicated that there were 611,000 registered agents with about 454,000 active agents in the country.

Data on Mobile Money interoperability, which is the platform that allows transfer of funds from one mobile money wallet to another across different network also showed that transaction values had increased from GH¢2.8 billion in March to GH¢3.3 billion in April.

It also noted that total number of transactions had increased from 12.8 million in March to 14.2 million in April.

On a year-on-year basis, the total number of mobile money transactions has increased to about 20 per cent from 323 million in April 2021 to 403 million in April 2022 whereas the total value of transactions has relatively increased by 4.4 per cent from GH¢83.8 billion in 2021 to GH¢87.7 billion in April 2022.

Registered mobile money accounts increased by 7.5 per cent as there were 42.1 million accounts in April of 2021 compared to 50.2 million in April this year whiles the active mobile money accounts have increased by 7.5 per cent from 17.2 million in April 2021 to 18.6 million in April 2022.

Source: GNA