Ghana’s mobile money market continues to expand on paper, but new data from the Bank of Ghana shows a sharp divergence between headline growth and actual usage, raising questions about the sector’s long-term depth and viability.
As of April 2025, registered mobile money accounts rose to 75 million, alongside 911,000 registered agents. But only 24 million of those accounts, just under one-third, are active, according to the central bank. The figures are not much different from the data released in March 2025, which saw registered accounts at 74 million, while the active accounts stood also at 24 million.
On the agent side, activity has fallen even more sharply, from a peak of over 800,000 in mid-2023, only 414,000 agents remain active.
The discrepancy signals potential structural weaknesses in the ecosystem, despite its headline growth. The growth in numbers is, however good for optics, but the key metric is activity. Inactive accounts and dormant agents suggest a large segment of the ecosystem isn’t participating meaningfully.
Transaction volumes remain solid. Mobile money transactions hit 778 million in April, with total value reaching GH¢364.98 billion. That reflects ongoing demand for digital payments in retail, remittances, and everyday transfers. But the falling ratio of active users and agents points to broader challenges in customer retention, agent profitability, and overall ecosystem efficiency.
Multiple factors may be contributing to the gap, including account duplication, user fatigue, limited digital literacy, and increased automation in mobile payments that reduces reliance on human agents. In some cases, mobile wallets are registered en masse but used infrequently or abandoned entirely.
For policymakers and service providers, the data points to an inflection point. The focus must now shift from expansion to engagement. Strategies could include improved customer education, targeted product development, streamlined user interfaces, and better incentives for agent networks, particularly in underserved regions.
Mobile money has played a pivotal role in advancing financial inclusion in Ghana, extending financial services to previously unbanked populations. The rise in transaction volumes and values points at its growing influence in supporting commerce, encouraging cashless payments, and contributing to broader economic activity. With mobile money at the center, Ghana is now approaching near-universal access to financial services.
Ghana has long been regarded as a pioneer in mobile money innovation on the continent. But sustaining that position will depend on narrowing the gap between registered and active users and ensuring digital finance becomes not just accessible, but indispensable.
