Mobile money booms to ₵323bn, but active users still low

The nation’s mobile money sector continues to record strong transactional growth, with a total value of GHS323.16 billion registered in the first half of 2025.

However, recent data from the Bank of Ghana reveals a troubling stagnation in active user and agent participation, suggesting that the sector’s rapid expansion may not be matched by consistent engagement.

As of June 2025, registered mobile money accounts reached 76 million. Yet, only 24 million of these accounts, less than one-third, were classified as active. This figure remains unchanged from activity levels reported in March and April.

Similarly, the number of registered mobile money agents rose to 923,000, but only 423,000 were active. This highlights a persistent gap in operational engagement and continues a trend seen earlier in April, when just 414,000 agents were active out of 911,000 registered.

These figures point to a structural imbalance in Ghana’s mobile money ecosystem. While headline registration numbers suggest broad market reach, the proportion of users and agents conducting regular transactions has remained flat.

Analysts cite several causes for this disconnect, including account duplication, digital fatigue, low digital literacy, and the growing adoption of automated services, which may be reducing reliance on physical agent interactions.

Despite these challenges, transaction volumes remain robust. A total of 735 million transactions were recorded between January and June 2025, fueled primarily by peer-to-peer payments, domestic remittances, and microenterprise activity.

This mirrors an earlier trend in April, when 778 million transactions amounting to GHS364.98 billion were reported.

The consistency in transaction volumes suggests a core group of users remains highly engaged with mobile money platforms.

However, the plateau in active participation among both customers and agents may signal that the sector is approaching a saturation point.

With mobile money now providing near-universal accessibility, industry stakeholders and policymakers are being urged to shift focus from expansion to activation. Experts are advocating for targeted strategies to improve user retention and reactivate dormant accounts. These include improving user experience through simplified interfaces, increasing agent incentives, and developing products tailored to specific user segments.

For mobile money agents, concerns about profitability and market saturation, especially in areas with lower transaction volumes, may be discouraging active participation.

Addressing these challenges could be key to revitalizing agent networks and sustaining service delivery nationwide.

Mobile money has played a transformative role in advancing financial inclusion in Ghana, offering millions access to cashless transactions and micro-financial services.

However, the sector’s continued success may rely not just on the number of accounts opened, but on how many remain actively in use. With more than GHS323 billion processed in just six months, mobile money remains one of the most dynamic components of Ghana’s financial system. Yet, the challenge ahead lies in converting reach into relevance and registrations into real economic impact.