Ghana’s mobile money sector continues to post impressive growth in account registration and transaction volumes, but recent data shows a notable weakness in one of the sector’s key support systems, agent activity.

According to the Bank of Ghana (BoG)’s July 2025 Summary of Economic and Financial Data, the number of registered mobile money agents increased to 923,000 in June 2025.

However, only 423,000 of these were classified as active, which means agents processed at least one transaction within the last 30 days before the reporting.

That puts the share of active agents at 46%, a sharp decline from the 65% recorded in June 2024, when there were about 848,000 registered agents and 551,000 were active.

This development indicates that even as more agents continue to register on the platform, fewer are staying active on a month-to-month basis.

At the same time, overall mobile money usage is on the rise. Registered mobile money accounts rose to 76.4 million in June 2025, up from 69.3 million in June 2024.

The value of mobile money transactions for the same period hit GH¢323.2 billion, representing a growth of approximately 44% year-on-year.

The trend reveals that while customer adoption and transaction volumes are accelerating, agent participation is weakening.

The gap between the total number of registered agents and those actively engaged in transactions is widening month by month.

The data also shows that active agent figures have not recovered to their June 2024 levels at any point over the past year.

The figure dropped consistently from July through December 2024, reaching as low as 404,000 active agents in both October and December. Since then, it has remained below the previous year’s average.

While the platform itself is becoming more integral to everyday transactions, the people facilitating cash-in and cash-out services are becoming relatively fewer in number.

And this implies that individuals are performing most of their transactions themselves.

This development raises the question about how the ecosystem is evolving and whether it is becoming more centralised or dependent on fewer high-volume agents.