The Mobile Money Advocacy Group Ghana (MoMAG) has urged Mobile Money (MoMo) agents across the country to diversify their businesses as technological advancements and changing consumer behaviour continue to reshape Ghana’s telecommunications and financial services industry.

In a statement signed by the National Secretary, Kingsley Amoako-Atta, on September 6, 2026, the group cautioned that agents who fail to adapt to changing market conditions could risk becoming irrelevant, drawing lessons from the history of Ghana’s telecommunications industry.

According to the group, the evolution from telephone booths and phone cards to scratch cards, electronic credit transfers and, eventually, Mobile Money demonstrates how technology can transform business models and create new opportunities while rendering older ones less relevant.

MoMAG further noted that the rapid growth of smartphones, mobile applications, internet connectivity and digital banking is already changing consumer behaviour, with many customers now able to purchase airtime and data, pay bills and conduct financial transactions directly from their mobile phones.

"...With the development of Ghana Telecom, public telephone booths became increasingly available at vantage points across the country around the mid-1990s. Customers purchased telephone cards to make calls," the statement noted.

MoMAG is therefore encouraging agents not to wait until their transaction volumes and commissions fall significantly before taking action.

According to the statement, Mobile Money agents should instead view their businesses as *financial and digital service centres*, rather than limiting themselves to cash withdrawals and deposits.

MoMAG, however, stressed that agents do not necessarily have to offer the same services, urging them to study their respective markets, understand their customers' needs and identify additional services that can generate sustainable income.

"MoMAG is therefore encouraging agents not to wait until their transaction volumes and commissions decline significantly before taking action.

"Agents must begin looking at their businesses as financial and digital service centres, rather than limiting themselves to cash withdrawals and deposits."

The Mobile Money Advocacy Group further called on agents to study their markets, avoid relying on a single source of income and embrace technology by learning and adopting new digital tools.

"MoMAG is therefore encouraging agents not to wait until their transaction volumes and commissions decline significantly before taking action.

"Agents must begin looking at their businesses as financial and digital service centres, rather than limiting themselves to cash withdrawals and deposits," it added.

AM/AM