Ghana’s mobile money ecosystem is grappling with a significant challenge as nearly half of registered agents were inactive in October 2024.
Out of the 872,000 registered agents, only 404,000 were actively operating, highlighting a worrying 46% activity rate. This decline in active agents raises concerns about the sustainability of the agent network and its impact on financial inclusion efforts across the country.
According to the Bank of Ghana’s Summary of Macroeconomic and Financial Data for November 2024, an analysis of mobile money agent data over the past year reveals a deepening gap between registered and active agents.
While the number of registered agents steadily increased from 809,000 in October 2023 to 872,000 in October 2024—a growth of 7.8%—the number of active agents sharply declined from 544,000 to 404,000 in the same period, representing a significant 25.7% drop.
Monthly trends show a consistent decline in the proportion of active agents. In October 2023, 67.2% of registered agents were active, but by October 2024, this figure had dropped to just 46.3%. The steepest decline occurred between August 2024, when active agents stood at 543,000, and October 2024, when the figure dropped to 404,000, a loss of 139,000 agents in just two months.
This means that the mobile money ecosystem is adding more agents on paper, but fewer are staying engaged in practice. While the network expands in terms of registration, the declining number of active agents points to systemic challenges that need urgent attention. Issues such as low transaction volumes, high operational costs, and inadequate incentives are likely driving the decline, particularly in rural areas where profitability is more challenging.
The sharp decline in active agents could reverse progress made in expanding financial inclusion. Mobile money has been a lifeline for underserved populations, providing essential services like cash-in, cash-out, and payment facilitation.
However, if the trend continues, it could erode trust in the system and limit access to financial services for millions of Ghanaians who rely on mobile money for everyday transactions. The disparity between registered and active agents highlights systemic issues that must be addressed to maintain the viability of the ecosystem.
Addressing these challenges will require mobile money service providers to reassess their operational strategies.
The sustainability of Ghana’s mobile money network hinges on ensuring that registered agents remain active. Without immediate intervention, the growing gap between registration and activity could undermine the system’s reliability, accessibility, and overall contribution to financial inclusion.
