In an interesting development, Ghana’s mobile money landscape is experiencing a contrasting trend where there is a steady increase in the number of active customers but a decline in active agents.
According to the latest 2024 2nd Quarter Report on the Fintech Sector published by the Fintech and Innovation Office of the Bank of Ghana, this development happened in the last year between June 2023 and June 2024.
The Fintech Sector report says the number of active mobile money customers has grown over the past year. In June 2023, there were approximately 22.2 million active mobile money wallets which increased by 2.2 million to reach 24.4 million by June 2024, an increase of nearly 10%.
This surge in active customers shows the growing popularity and dependence on mobile money services for everyday transactions, from paying bills to sending money to loved ones.
However, this positive trend is sharply contrasted with a decline in the number of active mobile money agents. The number of agents which stood at 611,000 in June 2023, dropped by as much as 60,000 to reach 551,000 by June 2024. This represents a decrease of 10% over the period.
Although the report failed to account for this decrease, it could raise concerns about the accessibility and convenience of mobile money services should the trend continue.
The report however shows a decline in the percentage of Cash-out and Cash-in transactions in the first half of 2024 compared to 2023. Cash-out transactions dropped from 16% to 13.3%, while Cash-in dropped from 14% in 2023 to 11.5% in 2024. Though this could suggest a reduction in the number of transactions handled by agents, it is unclear if it has any relationship with the significant drop in the number of active agents.
