Ghana’s mobile money industry is posting record-breaking activity, yet new Bank of Ghana data reveals a striking structural weakness. The number of active mobile money (MoMo) agents has dropped sharply, even as accounts and transactions continue to surge across the country.
According to the central bank’s November 2025 Summary of Economic and Financial Data, active MoMo agents fell to 453,000 in October 2025, down from previous peaks above 600,000. This marks one of the steepest sustained declines in the agent network since mobile money became mainstream.
The contraction is particularly noteworthy because it comes at a time of unprecedented growth in the sector. While the active agent base shrinks, the network of registered agents has expanded to 949,000, meaning more than half of registered agents are not actively operating. The widening gap signals possible profitability challenges, reduced customer demand for cash-in/cash-out services, or increasing migration toward digital, app-based transactions that bypass physical agent points.
The same discrepancy is reflected on the customer side:
- Registered mobile money accounts reached 79 million in October 2025, yet
- Only 25 million accounts are active, showing that nearly two-thirds of accounts remain unused or dormant.
Despite these structural gaps, mobile money usage is hitting all-time highs. The data shows total MoMo transactions climbed to 893 million in October, maintaining a strong upward trend driven by everyday retail payments, business operations, and the continued digitalisation of services. At the same time, the total value of MoMo transactions surged to GH¢434.73 billion, one of the highest monthly figures recorded and a powerful indicator of the platform’s role in driving economic activity.
The mixed signals, booming transaction levels but shrinking agent activity, raise important questions about the operational health and future direction of Ghana’s mobile money ecosystem. The decline in active agents may point to challenges including rising operational costs, changes in user behaviour, reliance on in-app services, or market consolidation among agent operators.
Nonetheless, the sheer scale of mobile money transactions and account registrations confirms MoMo’s position as the backbone of Ghana’s digital economy, even as pressures within the agent network reveal emerging cracks that industry players and policymakers may need to address.
