The value of transactions processed through Ghana's mobile money (MoMo) ecosystem grew by more than 25% in 2025, yet the number of active accounts declined, underscoring a persistent gap between digital payments usage and formal financial inclusion. According to data from the Bank of Ghana, the total value of mobile money transactions reached GH¢1.56 trillion last year, up from GH¢1.24 trillion in 2024. However, the number of active mobile money accounts fell to 21.1 million from 22.1 million over the same period, a trend that analysts are calling the 'MoMo paradox.'

This divergence presents a complex challenge for a market often hailed as a digital finance success story. The growth in transaction value indicates that existing users are conducting more and higher-value transactions, a sign of deepening engagement with the platform for everyday commerce, bill payments, and remittances. Yet, the contraction in active accounts suggests difficulties in either attracting new users or retaining them, pointing to barriers that prevent the ecosystem from expanding its user base in line with its economic impact.

Industry observers point to several factors that may be contributing to this paradox. One significant element is the implementation of the 1.5% electronic levy (E-Levy) on certain transactions, which, while modified over time, continues to influence user behavior. Some customers may be consolidating their transactions or moving to informal channels to minimize costs, thereby boosting the total value processed through formal channels while potentially discouraging occasional or low-income users from maintaining active accounts.

Furthermore, the definition of an 'active account'—typically one used at least once in the last 90 days—masks a spectrum of engagement. "The data suggests we have a core of highly active users driving volume, but we are not successfully onboarding the remaining unbanked population or preventing account dormancy," said a financial inclusion analyst who preferred not to be named. The decline could also reflect market saturation among the easily reachable urban population, with growth in rural and peri-urban areas proving more difficult and costly for mobile network operators like MTN Mobile Money and Vodafone Cash.

The trend raises important questions for policymakers and providers aiming to leverage mobile money as a gateway to broader financial services. True financial inclusion involves not just payment capability but also access to savings, credit, and insurance products. The current dynamic, where transaction value grows but account numbers shrink, indicates that Ghana's digital finance landscape is becoming more efficient for a concentrated user base rather than more extensive.

To bridge this gap, experts suggest a renewed focus on product innovation tailored to the needs of marginalized groups, including rural farmers, women, and small-scale entrepreneurs. Solutions that go beyond peer-to-peer transfers to offer embedded finance, linkage to formal bank accounts, and credit-building tools could help convert transactional users into financially included individuals. Additionally, further public-private collaboration on digital infrastructure and literacy, alongside a review of tax policy impacts, may be necessary to reverse the decline in active accounts.

The Bank of Ghana's data serves as a critical dashboard for the health of the country's digital economy. The observed 'MoMo paradox' suggests that while the digital payments engine is running faster, it is not necessarily pulling more passengers on board. Addressing this will be crucial for ensuring that the benefits of Ghana's fintech advancement contribute to equitable economic growth and resilience for a broader segment of its population.