The Mobile Money Advocacy Group Ghana (MoMAG) has urged mobile money (MoMo) agents across the country to diversify their businesses and prepare for changes in technology and consumer behaviour that are reshaping Ghana’s telecommunications and financial services sectors.
In a statement dated September 6, 2026, MoMAG said the evolution of Ghana’s telecommunications industry offered important lessons for businesses that depend heavily on a single service or revenue stream.
The group noted that businesses that fail to adapt to technological and market changes risk losing their relevance as consumers increasingly embrace faster and more convenient digital alternatives.
MoMAG traced the evolution of Ghana’s telecommunications sector from the era of public telephone booths and Ghana Post facilities to the emergence of mobile phones, airtime sales, electronic credit transfers and, eventually, mobile money.
According to the group, public telephone booths and related communication services were once important means of communication before the expansion of mobile telecommunications significantly changed the industry.
The emergence and growth of mobile network operators created new opportunities for entrepreneurs, particularly through the sale of airtime and scratch cards. Thousands of businesses subsequently depended on the sale of airtime before electronic credit transfers became a major alternative.
The introduction of mobile money brought another major transformation, creating employment and income opportunities for thousands of agents while expanding access to financial services for millions of people.
MoMAG, however, said the industry is once again undergoing significant change.
The advocacy group observed that the rapid adoption of smartphones, mobile applications, internet connectivity and digital banking is changing how people access telecommunications and financial services.
Traditional scratch cards, it noted, have declined considerably, while electronic credit transfers are also facing pressure as customers increasingly purchase airtime and data directly through mobile money wallets, banking applications and other digital platforms.
Customers can now perform several transactions from their mobile phones, including money transfers, bill payments, airtime and data purchases and other financial services that previously required a visit to an agent.
MoMAG said these developments meant MoMo agents could no longer assume that today’s business model would remain unchanged indefinitely.
“The question therefore is not whether the MoMo business will change. The question is whether agents will change with it,” the group stated.
MoMAG is therefore encouraging agents to begin preparing for the future instead of waiting for transaction volumes or commissions to decline significantly.
It said agents should gradually reposition their businesses as broader financial and digital service centres rather than relying primarily on cash deposits and withdrawals.
Depending on their location, available capital and customer base, agents could consider adding complementary services such as bill and utility payments, airtime and data services, digital financial services, banking and fintech products, business-to-business payments, courier and delivery services, retail products, printing and photocopying, insurance-related services, ticketing and agency banking.
The group stressed that diversification should not mean every agent offering the same range of services.
Instead, agents are expected to assess the needs of their communities, understand what customers are willing to pay for and identify additional legitimate services capable of generating sustainable income.
MoMAG said the history of telecommunications demonstrates that every major technological transition creates new business opportunities while gradually reducing demand for some existing services.
It cited the progression from telephone booths to phone cards, scratch cards and credit transfers, followed by mobile money, as evidence of how quickly business models can evolve.
While acknowledging the important role MoMo agents continue to play in Ghana’s financial ecosystem, the group cautioned that technological advances, changing consumer expectations and competition from banks, fintech companies and telecommunications operators would continue to reshape the sector.
It therefore urged agents to evolve from being transaction points into diversified businesses capable of providing a broader range of services.
MoMAG outlined six key steps for agents seeking to strengthen their businesses.
First, agents should study their markets by identifying the services customers in their communities need and are prepared to pay for.
Second, they should avoid relying on a single source of income and develop multiple legitimate revenue streams around their existing operations.
Third, agents should embrace technology by learning and adopting new digital tools rather than viewing technological developments solely as competition.
Fourth, they should invest in customer relationships, noting that trust and a loyal customer base would remain valuable even as technology and business models change.
Fifth, agents should start preparing immediately rather than waiting for traditional MoMo commissions to decline before exploring alternative sources of income.
Finally, MoMAG encouraged agents to think beyond today’s business by asking what their customers might need in the next five years and how their businesses could respond to those needs.
MoMAG said it remains committed to advocating for the welfare, sustainability and growth of mobile money agents across the country.
The group also recognised the significant contribution MoMo agents have made to financial inclusion and the wider Ghanaian economy.
It stressed, however, that the long-term sustainability of the agency business would depend largely on the ability of agents to adapt to changing market conditions.
“The future belongs to businesses that are willing to evolve,” MoMAG said, urging agents to begin diversifying not because the MoMo business is ending, but because successful businesses must prepare for tomorrow while taking advantage of opportunities available today.
By 1960news.com
