BoG Data: Total MoMo value transaction falls by GHS 2.8bn ahead of May 1 E-Levy implementation
Total value of mobile money (MoMo) transactions recorded at the end of the month of April 2022 – prior to the May 1 E-Levy implementation – amounted to GHS 87.7bn.
This is a decline from the GHS 90.5bn total MoMo value transactions recorded in March 2022.
Per the new data released by the Bank of Ghana (BoG) in its May 2022 Summary of Economic and Financial Data, the GHS 87.7bn total transactions value recorded marks a decline of some GHS 2.8bn.
The decline in transactions can be attributed to the panic withdrawals of monies from MoMo wallets by Ghanaians that ensued days to the implementation of the E-Levy on May 1, 2022.
Corresponding to the decline in total transaction value was a 10 million decline in the number of transactions carried out on a month-to-month basis.
Total number of MoMo transactions carried out as at end-April 2022 was 403 million as against 413 million in March 2022.
Active MoMo accounts as at end-April 2022 stood at 18.6 million, slightly above the January 2022 figure of 17.4 million.
Total registered MoMo accounts stood at 50.2 million as at end-April 2022.
Regarding total value of transactions recorded on the interoperability platform, MoMo transactions increased to GHS 3.3bn in April from GHS 2.7bn in March.
Total number of transactions via interoperability also increased to 14.2 million in April from 12.8 million in March 2022.
Total value of cheques cleared within the review period (from March to April) declined by GHS 3.5bn ending April with total transactional value of GHS 18.3bn from GHS 21.8bn transactional value in March 2022.
Total number of cheque transactions also declined from 532,000 to 451,000 in March and April respectively.
For internet banking, value of transactions increased marginally from GHS 6.9bn in March to GHS 7bn in April 2022.
Volume of transactions also increased from 614,000 in March to 937,000 in April.
On a year-on-year basis, internet banking total transactions value increased by GHS 2.6bn from the recorded GHS 4.4bn in April 2021 to the recorded GHS 7bn in April 2022.
