Mobile money has firmly cemented its role as the dominant force in Ghana’s retail economy, processing a record GH¢518.4 billion in transactions in December 2025, according to newly released data from the Bank of Ghana.
The figure, captured in the central bank’s Summary of Economic and Financial Data, marks the highest monthly value recorded for the year and reflects a powerful shift away from traditional payment systems such as cheques and electronic transfers.
The December surge—up sharply from November’s GH¢420.1 billion—was driven by festive season spending and the deepening adoption of digital wallets in everyday commerce. Transaction volume also soared, reaching 982 million in December compared to 892 million the previous month.
Underpinning this growth is a rapidly expanding user and agent network. Active mobile money accounts rose to 26.7 million, with total registered accounts exceeding 80.5 million. The agent network, essential for cash services, also expanded to 491,000 active agents by year-end.
Public confidence in the system is further illustrated by the float balance—money stored in mobile wallets—which reached GH¢39.6 billion in December, the highest level in 2025.
The data highlights a stark contrast with traditional banking instruments. Cheque clearances in December totaled GH¢37.3 billion, only a fraction of mobile money’s value. Even the GhIPSS Instant Pay platform, which processed GH¢73.3 billion, was significantly outpaced.
Interoperability—seamless transfers across networks and banks—also grew, with transaction values rising to GH¢5.8 billion in December, supporting further ecosystem expansion.
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