The Mobile Money Advocacy Group Ghana (MoMAG) has voiced serious concern over a recent downturn in Mobile Money transactions nationwide.
Data released by the Bank of Ghana indicated a notable decrease in Mobile Money indicators for June 2024, with transaction volumes falling from 668 million in May 2024 to 644 million. Concurrently, transactions declined from GHS 234.3 billion to GHS 224 billion during the same period.
In a statement dated July 30, Edward Ofori Agyemang, National President of MoMAG, highlighted the potential ramifications of this decline, warning that the Mobile Money sector could face significant challenges without intervention.
“This downturn poses a serious threat to our business, and if not addressed promptly, the Mobile Money industry in the country may face severe difficulties,” said Ofori Agyemang.
MoMAG attributed the decline in Mobile Money transactions to several factors, including the impact of the E-levy on Mobile Money transactions, double income taxation, instances of fraud and robbery, and prevailing economic hardships.
To mitigate these challenges, MoMAG called upon regulatory authorities and Electronic Money Issuers (EMIs) to reassess the E-levy policy. They also urged for enhanced security measures and advocated for supportive economic policies that bolster the resilience of the Mobile Money industry.
The statement emphasized Mobile Money’s critical role in Ghana’s financial ecosystem and urged concerted efforts to safeguard its stability and growth amidst ongoing challenges.
