Ghana’s mobile money industry recorded transactions worth GHC 354.1 billion in August 2025, highlighting the sector’s continued dominance in the digital payments space despite a widening gap between registered users and active participation.
According to data from the Bank of Ghana, total transactions reached 831 million in August, supported by 78 million registered mobile money (MM) accounts. Active accounts rose slightly to 25 million, reflecting the sustained role of mobile money in financial inclusion.
The August figures follow trends flagged earlier in June 2025, when registered accounts stood at 76 million, but only 24 million, less than one-third, were active. That ratio mirrored activity levels recorded in March and April, underscoring concerns that account growth is not translating into proportional engagement.
A similar divergence is evident in agent activity. While registered agents climbed to 938,000 by August, active agents stood at just 433,000. This follows a pattern seen in June, when 923,000 were registered but only 423,000 active, and in April, when active agents dropped to 414,000 out of 911,000 registered.
The decline in active agent numbers raises questions about sustainability, as the network of agents underpins mobile money’s accessibility across the country. If attrition persists, rural and peri-urban areas may face service gaps even as transaction volumes and values set records.
A shrinking active agent base could lead to liquidity gaps, longer transaction turnaround times, and reduced trust in the system.
Despite these challenges, the mobile money ecosystem remains a critical driver of Ghana’s digital economy. Transaction values have more than doubled over the past five years, with August’s record GHC 354 billion reinforcing mobile money’s role in payments, savings, and transfers.
With 25 million active accounts, nearly matching Ghana’s adult population, the sector’s trajectory suggests that demand remains robust, though regulators and operators may need to address the growing imbalance between rapid platform expansion and actual usage.
