Ghana’s mobile money sector continues to post headline growth, with total transaction value reaching GH¢323.16 billion in the first half of 2025. Yet, recent figures from the Bank of Ghana reveal persistent gaps between registration and usage, raising concerns over the depth and resilience of the mobile money ecosystem.
As of June 2025, registered mobile money accounts climbed to 76 million, but only 24 million, less than one-third,were active, mirroring the same user activity level reported in April and March. Meanwhile, registered agents grew to 923,000, but active agents fell to 423,000, further underscoring a growing divide between platform expansion and real engagement. This follows an earlier dip reported in April, where only 414,000 agents were active out of 911,000 registered.
The data points to a structural imbalance in Ghana’s mobile money sector. While registration continues to rise, useful for market optics and investor sentiment, the share of users and agents actively transacting has remained largely stagnant. This disconnect may reflect a combination of user fatigue, account duplication, limited digital literacy, and shifting consumer habits, including increased reliance on automated and digital-first services that bypass physical agents.
In contrast, transaction volumes remain strong. The total number of transactions for the first half of the year hit 735 million, driven by everyday payments, remittances, and small-scale business activity. This follows similar momentum seen in April, where 778 million transactions valued at GH¢364.98 billion were recorded. The consistency in transaction volumes indicates that a core group of users continues to engage meaningfully with mobile money platforms.
However, the flattening of activity among both users and agents suggests the sector may be nearing an inflection point. While mobile money has achieved near-universal reach in terms of accessibility, its long-term sustainability may now depend less on registration growth and more on deepening usage and improving service experience.
Policymakers and service providers face growing pressure to shift strategy, moving from expansion to activation. Key areas include customer engagement, streamlined digital interfaces, agent network incentives, and targeted product design to retain users and revive dormant wallets. For agents, profitability challenges and market saturation may be contributing to inactivity, especially in regions with limited transaction volume.
Mobile money has helped bridge Ghana’s financial inclusion gap, making cashless payments and micro-financial services accessible to millions. But to sustain its role as a foundational pillar of the economy, stakeholders will need to address the declining ratio of active participants and ensure the system remains relevant, inclusive, and widely trusted.
With GH¢323 billion already processed in just six months, the sector remains one of Ghana’s strongest financial channels. But its future will hinge not only on how many accounts are opened, but how many remain in use.
