Bank of Ghana data released in March 2025 reveals that over 50 million mobile money wallets and nearly half a million agent wallets remain inactive. Out of 74.1 million registered wallets, only 26.3 million are actively used, marking more than twice as many dormant accounts as active ones.
The report underscores a longstanding challenge in Ghana’s mobile money sector, which has been in place for 16 years.
The reasons behind the inactivity are multifaceted. Some dormant wallets can be attributed to routine churn stemming from SIM re-registration, customer deaths, extended travel, or disinterest due to fraud incidents or a desire to avoid repeated financial requests from family and friends. In many cases, customers register multiple SIMs but continue using only one, leaving the others inactive. Corporate accounts also contribute to the trend, as bulk SIMs assigned to staff become dormant when employees leave their positions. Additionally, fraudulent wallets abandoned once illicit activities are uncovered further add to the high inactivity levels.
The report also highlights the plight of mobile money agents. Out of 896,000 registered agents, only 411,000 remain active. Industry observers note that market saturation has eroded the profitability of the agency business. Early on, a limited number of agents successfully catered to vast customer bases, but today’s oversaturated markets have diminished returns. Agent groups have sought higher commissions to counter the intensified competition, especially amid claims that major players, such as MobileMoney Limited (MTN MoMo), are selectively expanding their networks to ensure adequate coverage rather than oversaturating individual communities. At its recent Annual General Meeting, MobileMoney Limited’s CEO, Shaibu Haruna, reaffirmed that the company continues to register new agents, subject to a thorough physical verification process, dismissing claims of a moratorium.
MTN MoMo currently dominates Ghana’s mobile money market. Ending 2024 with 17.2 million active wallets, the firm controls roughly 73 percent of all active accounts, while competitors such as Telecel Cash, AT Money, Zeepay, and G-Money share the remaining market. This concentration raises questions about whether a similar pattern of inactivity is also evident among users of the largest platform.
Financial activity within the ecosystem remains robust despite these challenges. Between January and February 2025, active wallets totaling 23.6 million facilitated transactions worth GHS649.2 billion over 1.415 billion transactions, while the cash float on these platforms reached GHS54.2 billion. Compared to the previous year, transaction values and cash balances have grown significantly, although the overall efficiency of the mobile money ecosystem, measured by the circulation of each cedi, has remained steady.
As Ghana’s mobile money market continues to evolve, industry stakeholders face the dual challenge of managing high wallet dormancy and ensuring the sustainability of the agency business. The data points to a maturing sector that must now address structural inefficiencies to maintain growth and enhance service delivery.
