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Evans Otumfuo, President of the Mobile Money Agents Association of Ghana, has expressed concerns over the profitability of the MoMo business, revealing that agents are not earning substantial profits.
Speaking on ABC IN THE MORNING, Otumfuo highlighted that high taxes and the E-Levy are placing a significant burden on agents, which has led to waning interest in the MoMo business.
His comments come after recent data from the Bank of Ghana (BoG) showed a notable rise in mobile money (MoMo) transactions.
The total number of MoMo transactions increased from 705 million in September 2024 to 728 million in October 2024, a 3.3% rise, while the total value surged from GHS 284.9 billion to GHS 298.6 billion.
This growth reflects an increasing reliance on MoMo for both consumer and business transactions.
However, despite this rise, the total funds held in MoMo accounts—referred to as the “float”—dipped slightly from GHS 25.1 billion to GHS 24.2 billion, alongside a decline in the number of active agents, which fell from 456,000 to 404,000.
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