MoMo advocacy group raises alarm over decline in transactions
Mobile money agents
The Mobile Money Advocacy Group Ghana (MoMAG) has voiced concern over a recent decline in Mobile Money transactions across the country.
Read full articleData from the Bank of Ghana shows that the total number of transactions dropped from 668 million in May 2024 to 644 million in June 2024. Consequently, the total value of transactions decreased from GHS 234.3 billion to GHS 224 billion.
In a statement dated July 30, Edward Ofori Agyemang, National President of MoMAG, warned that this trend could jeopardize the Mobile Money business if not addressed. He highlighted various factors contributing to the decline, including the E-Levy on transactions, double taxation on income, fraud, robbery, and economic challenges.
To combat this downturn, MoMAG urges authorities and Electronic Money Issuers (EMIs) to reconsider the E-Levy policy, improve security measures, and implement economic policies that support the industry's growth.
