Ghana's Mobile Money Boom: 74 Million Registered Accounts, But 50 Million Dormant
Ghana's mobile money sector has experienced explosive growth, with a staggering 74 million registered accounts. However, recent statistics indicate that only 24 million of them are active, with 50 million accounts lying dormant. Such a wide disparity raises questions about financial inclusion and the actual impact of mobile money on day-to-day transactions in the country.
Explosive Growth in Mobile Money Services
Mobile money has been a dominant trend in Ghana's financial sector. In February 2025 alone, the sector recorded 698 million transactions worth GHC316.23 billion, a significant jump from the GH¢195.8 billion recorded last year. The growth is a reflection of heightened utilization of digital financial services for remittances, payments, and transactions.
The rapid expansion of mobile money utilization is driven mainly by the financial technology advances, increased penetration of smartphones, and extensive coverage of mobile money agents. The total number of registered agents is 896,000, out of which 411,000 are active transaction facilitators in urban and rural environments. The agents play a key role in offering accessibility to mobile money facilities, especially in regions with limited exposure to traditional banking networks.
The Dormancy Challenge: Why So Many Accounts Are Idle
Despite the remarkable growth in registration, most mobile money accounts are dormant. There are several reasons why:
1. Multiple Account Ownership – Individuals register multiple accounts with different service providers but use one or two actively.
2. Infrequent Usage – Individuals register accounts for specific purposes (for instance, to receive remittances) but do not use them frequently.
3. Influence of the E-Levy – The erstwhile-canceled Electronic Levy (E-Levy) discouraged a few people from active usage, resulting in a subsequent drop in usage over time.
4. Low Financial Literacy – Some people, especially rural residents, might not be fully knowledgeable about how to make full use of mobile money services.
5. Cybersecurity Matters – Instances of mobile money scams have led a few users to be hesitant in keeping high values in their wallets, thus lesser usage.
Impact on Ghana's Digital Economy
The high number of inactive accounts means that despite the fact that mobile money services have penetrated into the market so effectively, there is still a potential to be harnessed. Mobile money is central to Ghana's economy, with transaction volumes and agent networks growing annually. Total value of mobile money transactions in 2024 reached an all-time high GHC3.0192 trillion from GHC1.912 trillion in 2023.
Additionally, mobile money is an indispensable driver of financial inclusion, and most of the unbanked are able to access digital financial services. However, the problem of dormancy highlights the need for more strategic efforts at ensuring active use.
Addressing the Dormant Account Issue
In order to unlock Ghana's benefits from its mobile money revolution, industry players must take initiative to bridge the disconnect between registered and actively using accounts. Solutions could include:
• Active Usage Incentives – Operators can implement rewards, price discounts, or loyalty programs that encourage active account usage.
• Financial Literacy Campaigns – Educating users on how mobile money services can be beneficial to more activities beyond cash withdrawal could boost usage.
• Enhanced Security Features – Strong fraud-reducing protections can build trust and faith in users.
•Easy Transactions – Facilitating the simplicity of sending and receiving money will turn it into an even more visited service.
The Future of Mobile Money in Ghana
With the reversal of the E-Levy and continued development of digital financial services, Ghana's mobile money market will continue to expand. Were it possible to encourage dormant account holders to resume active use, the economic impact would be even greater, driving financial inclusion and supporting digital commerce.
The Ghana mobile money boom is a reflection of the country's progress in finance technology. However, the ultimate solution to ending dormancy would be the precursor to unlocking the full potential of the industry and ensuring digital financial services penetrate the entire population of Ghanaians.
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