The past month has seen a notable contraction in the use of mobile money services in Ghana, driven by economic and regulatory factors affecting user behavior and market dynamics.

This downturn coincides with growing calls for the reduction or elimination of the E-levy rate.

Mobile money interoperability experienced a decrease in total transaction value, dropping from GHS2.8 billion to GHS2.7 billion.

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

Similarly, cheques cleared through mobile money saw a decline in total transaction value, falling from GHS 33.5 billion in May 2024 to GHS 28.2 billion.

The number of such transactions decreased from 494,000 to 418,000.

Despite these declines, the number of registered and active mobile money accounts increased.

Registered mobile money accounts rose from 68.7 million to 69.3 million, and active MoMo accounts saw a slight uptick from 24.1 million to 24.4 million.

On the business front, the number of registered MoMo agents increased by 5,000, from 843,000 to 848,000. However, the number of active agents dropped by about 16,000, from 567,000 to 551,000.

The report also indicated a decline in direct debit transactions through the Automated Clearing House (ACH). The total transaction value fell from GHS258.7 million to GHS208.0 million, and the number of transactions decreased from 74,000 to 48,000.

ACH transactions (Direct Credit) also saw a drop, with transaction values decreasing from GHS10.1 billion to GHS9.3 billion and the total number of transactions falling from 874,000 to 745,000.