The Mobile Money Advocacy Group Ghana (MoMAG) has issued an urgent call to mobile money (MoMo) agents across the country to diversify their operations or risk becoming irrelevant as rapid technological advancement and shifting consumer habits reshape the financial services sector.
In an official memorandum addressed to all members and agents, the association warned that the traditional agency business model is rapidly changing. It highlighted how rising smartphone adoption, mobile banking applications, and direct digital transactions have made it possible for consumers to purchase airtime, pay bills, and transfer funds without stepping into an agent’s kiosk.
Drawing parallels to the evolution of Ghana’s telecommunications sector, MoMAG noted that previous business models—ranging from public telephone booths and physical recharge scratch cards to electronic credit transfers—have all faced severe declines as newer technologies emerged.
“The traditional scratch card business has already declined significantly,” the memo stated. “Credit transfer is also gradually reducing as customers increasingly purchase airtime directly from their mobile money wallets, banking applications and other digital platforms.”
MoMAG stressed that while mobile money remains a pivotal component of Ghana’s financial inclusion story, agents must stop viewing their establishments merely as cash-in and cash-out points. Instead, operators have been advised to transform their setups into comprehensive digital and community service hubs offering agency banking, utility payments, courier services, printing, and insurance products tailored to local demand.
“The question therefore is not whether the MoMo business will change. The question is whether agents will change with it,” the group emphasised.
Signed by the National Secretary, Kingsley J. Amoako-Atta, the group urged operators to study their local markets, build multiple streams of income, and adopt digital tools early rather than waiting for commissions to dry up completely.
“When technology changes, business must change with it,” the group concluded. “We encourage every MoMo agent to start diversifying today not because the MoMo business is ending, but because smart businesses prepare for tomorrow while taking advantage of today’s opportunities.”
By: Rainbowradioonline.com/Ghana
