Ghana’s mobile money sector has seen surprising shifts over the past year, more accounts, bigger transactions, but 205,000 fewer active agents. Now, with the controversial E-Levy abolished, could we see these numbers bounce back?
The Agent Exodus: What Happened?
Between February 2024 and February 2025, the number of registered mobile money agents grew from 830,000 to 896,000. However, the number of active agents, those actually conducting transactions, dropped drastically from 616,000 to 411,000. That’s a loss of over 200,000 agents in just one year.
Many industry players blamed the E-Levy, which taxed mobile money transactions, making digital payments less attractive. Customers cut down on transactions, leading to lower commissions for agents. As a result, many small-scale agents shut down or switched businesses.
A Mobile Money Paradox: More Transactions, Fewer Agents
Meanwhile, other key figures from the Bank of Ghana’s data present a more complex picture of mobile money trends. While active agents declined, the total number of transactions still grew from 609 million to 698 million, peaking at 745 million in December 2024.
Similarly, transaction values surged from 195.8 billion cedis to 316.2 billion cedis, with December again recording the highest value at 334.8 billion cedis.
Even more interesting, float balances, the total amount of money stored in mobile wallets, jumped from 17.4 billion cedis to 27.9 billion cedis. This suggests that users are keeping more funds in their accounts, possibly shifting their habits from frequent withdrawals to digital savings and transfers.
With mobile money transactions and balances growing despite the decline in active agents, the big question is: Will the removal of the E-Levy bring agents back, or has the industry fundamentally changed?
Now that the E-Levy is gone, some expect a rebound in agent activity as transaction costs decrease and consumer confidence returns.
