Ghana’s Mobile Money (MOMO) sector extended its growth trajectory in February, with both user adoption and transaction values climbing to new highs, according to data from the Bank of Ghana (BoG). Registered mobile money accounts rose to 82 million with transaction values approaching GH¢450 billion, highlighting the sector’s deepening role in the digital economy.
Data from the BoG that active mobile money accounts reached 27 million in February, reflecting steady user engagement despite a widening gap between total registrations and active usage.
The number of registered agents climbed to 976,000, indicating continued expansion of the agent network that underpins mobile money services. However, active agents stood at 515,000, highlighting a persistent disparity between registered and operational agents, a trend may point to market saturation in some areas or operational inefficiencies.
Transaction volumes also showed strong growth. The total number of MOMO transactions rose to 899 million in February, up from lower levels recorded over the past year, signaling increased adoption for everyday payments and transfers.
In value terms, transactions reached GH¢447.37 billion, marking one of the highest monthly totals on record. The rise reflects growing use of mobile platforms for higher-value transactions, including business payments and remittances.
The data point to a maturing market where user adoption continues to broaden, but activity levels remain concentrated among a subset of users and agents. The divergence between registered and active participants suggests that while access has improved significantly, consistent usage and network efficiency remain key challenges.
Ghana’s mobile money sector has been central to financial inclusion efforts, providing millions with access to payments, savings and transfer services. The latest figures reinforce its role as a backbone of the country’s digital trade ambitions, but will require policymakers and industry players to focus on improving agent productivity and sustaining active user growth.
