The Mobile Money Advocacy Group (MOMAG) says it is alarmed by the recent decline in Mobile Money transactions. The Bank of Ghana reported that the total number of Mobile Money transactions for June 2024 dropped significantly from GHC 668 million GHC 644 million.
Kingsley Amoako Atta, National Secretary for MoMAG told Happy Kasiebo that if care is not taken, the mobile Money business will dwindle. According to him, the decline in Mobile money transactions after careful analysis is attributed to so many factors but the main four are E-Levy on mobile Money transactions, fraud, robbing of Mobile Money agents and economic Hardship. He explained that the E-Levy on mobile money is considered double taxation by customers which prevents them from making transactions.
He added that the fraudulent activities by some people with mobile money transactions has taken away customers trust. Robbing of Mobile Money agents especially in rural areas has resulted in MoMo agents withdrawing from the business causing it to decline. According to him the current economic hardship has contributed to the decline in Mobile Money transactions.
The National secretary for MoMAG appealed to Electronic Mobile issuers (EMIs) and Government through the bank of Ghana to review the E- Levy policy, enhance security to prevent fraud and robbery and promote economic policies that will benefit mobile money users. He however said delayed transactions processing should be implemented as proposed by MoMAG which will ensure five minutes delay in processing mobile money transactions to allow customers report suspicious activities or wrong transactions.
