Ghana’s digital finance scene is witnessing a remarkable transformation, driven largely by a burgeoning mobile money ecosystem with a twist. The Bank of Ghana’s March 2025 report highlights a key disparity. While there are 74 million registered mobile money accounts, only 24 million of these are actively used, leaving a gap of 50 million inactive accounts.
This three-to-one ratio underscores a vast outreach in account registrations but also points to significant untapped engagement among users. The persistent gap between registered and active accounts may be attributed to factors such as multiple account ownership, infrequent usage by some consumers, and some account holders possibly shying away from paying the now-repealed, controversial Electronic Levy (E-Levy).
In February 2025 alone, the mobile money sector recorded 698 million transactions amounting to a staggering GHC316.23 billion. With an average transaction value of around GHC450, these figures not only demonstrate the frequency of usage but also reveal the substantial economic weight carried by these digital financial exchanges. In February 2024, the sector recorded transactions worth GH¢195.8 billion.
Another critical element of the ecosystem is the extensive agent network. Ghana now has 896,000 registered agents, with 411,000 actively facilitating transactions. This leaves a difference of 485,000 agents; it is possible that some individuals hold multiple registered agent accounts. The agents play a crucial role in ensuring that both urban and rural communities have access to mobile money services, furthering digital inclusion in the financial sector.
The considerable difference between the total number of registered accounts and those actively used suggests that while mobile money services have successfully penetrated the market, many users may either hold multiple accounts or use them sporadically. Addressing this gap by fostering deeper user engagement could be pivotal in unlocking the full potential of the mobile money sector.
The transaction volumes and the extensive agent network not only reflect an evolving digital economy but also signal mobile money’s increasing role in commerce, remittances, and everyday financial transactions. With the recent repeal of the Electronic Levy (E-Levy) by parliament, the sector is well-positioned to enhance economic resilience.
Ghana’s mobile money landscape is characterized by a strong registration drive paired with a need for increased active usage. By bridging this gap, stakeholders can capitalize on the sector’s full economic potential while supporting wider financial inclusion. Data from the Bank of Ghana revealed that the total value of mobile money transactions for 2024 stood at a record GHC3.0192 trillion, compared to GHC1.912 trillion in 2023.
