Latest data released by the Bank of Ghana has revealed that the value of Mobile Money transactions for April 2023 recorded a sharp decline.

According to the May 2023 Summary of Economic and Financial Data published by the Central Bank, the value of momo transactions recorded in April 2023 stood at GHS 138.8 billion from GHS 147.5 billion recorded in March 2023.

The shortfall amounts to GHS 8.7 billion representing about 6 percent of the value recorded in March 2023.

The reduction in the value of transactions in April 2023 is the first of its kind in the year 2023 which has been on a month-on-month increase trajectory since January 2023.

The value of transactions began the year by recording GHS130.1 billion in January which increased to GHS 134.0 billion in February and further surged to GHS 147.5 billion in March until the nose dive in April.

Despite the shortfall in the value of transactions, the total number of transactions however increased marginally from 534 million in March 2023 to 542 million in April 2023.

It is worthy of note that the total mobile money transactions for the first four months of 2023 surpassed ¢550 billion which is about 66.2% year-on-year growth.

This is compared with ¢331.2 billion recorded during the same period in 2022.

Some analysts believe that if the trend continues, the total mobile money transactions for this year will once again exceed ¢1 trillion.