The Mobile Money Advocacy Group Ghana (MoMAG), has expressed concern over the recent decline in Mobile Money transactions in the country.

According to data from the Bank of Ghana, Mobile Money indicators showed a significant drop in June 2024.

The total number of transactions decreased from 668 million in May 2024 to 644 million, resulting in a decline in the total value of transactions from GHS 234.3 billion to GHS 224 billion.

In a statement dated July 30, Edward Ofori Agyemang, National President of MoMAG, expressed worry about the implications of this decline, stating that the Mobile Money business may collapse if measures are not taken to address the situation.

“This will have a toll on our business and if care is not taken, the Mobile Money Business in the country will be on its knees.”

MoMAG attributes the decline to several factors, including the E-levy on Mobile Money transactions, double taxation on income, fraud, robbery, and economic hardship. T

To address this, MoMAG urges authorities and Electronic Money Issuers (EMIs) to review the E-Levy policy, enhance security measures, and promote economic policies that support the industry.