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The Mobile Money Advocacy Group Ghana (MoMAG) has urged Mobile Money (MoMo) agents across the country to diversify their businesses as technological innovation and changing consumer habits continue to transform Ghana’s telecommunications and financial services landscape.
In a statement signed by its National Secretary, Kingsley Amoako-Atta, on September 6, 2026, the group warned that agents who fail to adapt to evolving market conditions could face declining relevance and income.
MoMAG said the history of Ghana’s telecommunications industry offers important lessons on how technological advances can disrupt established business models while creating opportunities for those prepared to adapt.
Technology continues to reshape payment services
According to MoMAG, Ghana’s transition from telephone booths and phone cards to scratch cards, electronic credit transfers and eventually Mobile Money illustrates the pace at which technology can change consumer behaviour and business models.
The group noted that the emergence of Ghana Telecom in the mid-1990s led to the expansion of public telephone booths at strategic locations, where customers purchased telephone cards to make calls.
However, subsequent technological developments gradually reduced the relevance of these traditional services and opened the market to newer forms of telecommunications and digital transactions.
MoMAG said a similar transformation is now taking place in the Mobile Money industry as smartphones, mobile applications, internet connectivity and digital banking become increasingly accessible.
Consumers can now perform several activities directly from their mobile devices, including purchasing airtime and data, paying bills and carrying out financial transactions without necessarily visiting a physical agent.
MoMo agents urged to rethink business models
Against this backdrop, MoMAG advised agents to begin preparing for changing market conditions rather than waiting for transaction volumes and commissions to decline substantially.
The group encouraged agents to reposition their businesses as financial and digital service centres, instead of relying primarily on cash deposits and withdrawals.
“Agents must begin looking at their businesses as financial and digital service centres, rather than limiting themselves to cash withdrawals and deposits,” MoMAG said.
The advocacy group stressed that diversification does not mean every agent must provide the same range of services.
Instead, agents should assess the needs of their local markets, understand their customers and identify additional services that can provide sustainable sources of income.
Digital adoption key to agent sustainability
MoMAG also urged agents to avoid depending on a single revenue stream and to actively explore opportunities created by emerging technologies.
The group called on agents to learn and adopt new digital tools that can improve their businesses and enable them to respond to changing customer preferences.
The call reflects a broader shift in the financial services sector, where digital channels are increasingly reducing the need for customers to rely on physical outlets for routine transactions.
For MoMo agents, adapting to this shift could involve identifying complementary financial and digital services that remain relevant to customers even as basic payment functions become more accessible through mobile applications.
MoMAG said agents should therefore treat technological change as an opportunity to evolve their businesses rather than a threat to their livelihoods.
The group reiterated that early adaptation, market awareness and business diversification would be critical for agents seeking to remain competitive as Ghana’s digital payments ecosystem continues to develop.
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