The total value of mobile money transactions in Ghana surged by 50.8% to GH¢4.54 trillion in 2025, up from GH¢3.01 trillion in 2024, the Bank of Ghana has disclosed in its 2025 Payment Systems Oversight Annual Report .
The landmark figure underscores the increasing importance of e-money platforms in supporting economic transactions across the country and reinforces mobile money’s position as the backbone of Ghana’s retail economy .
Agent Network Rebounds After Clean-Up
Following a significant agent network clean-up exercise in 2024 that temporarily reduced active agents, the sector rebounded strongly in 2025 .
According to the central bank, active mobile money agents increased by 21.4% to 491,057 in 2025, up from 404,370 in 2024 . The growth reflected a post-clean-up consolidation phase, characterised by improved agent legitimacy and activity rather than rapid network expansion .
A2A Transactions Dominate
Despite the overall growth, transaction values in 2025 remained concentrated in a few high-value transaction categories.
Agent-to-Agent (A2A) transactions continued to dominate, accounting for 41.0% of total transaction values, up from 37% in 2024 . The Bank of Ghana noted that A2A transactions “have continued to play a critical role in supporting liquidity redistribution and settlement within the mobile money agent network” .
Third-party transfers recorded a marginal increase to 14.9% in 2025 from 14.4% in 2024, reflecting the growing use of fintech platforms for mediated merchant and commercial payment flows . This shift points to the continued integration of mobile money channels into business and institutional transactions.
Shift Away From Cash
In a notable development, cash-based transactions made up a significantly smaller share of total transaction values in 2025. Combined cash-in and cash-out activities accounted for just 16.1% of total values, down from 20.1% in 2024 .
The reduction indicated a gradual transition from cash-intensive activity towards account-based and digital transaction flows, a trend the central bank described as a broader transformation in Ghana’s payments ecosystem .
Record-Breaking Festive Season
The 2025 data showed remarkable momentum, particularly during the festive season. In December 2025 alone, mobile money transactions hit a record GH¢518.4 billion, the highest monthly value recorded that year, driven by festive spending and growing reliance on digital payments .
The number of active mobile money accounts also rose sharply to 26.7 million in December, up from 25.5 million in November, while registered accounts surpassed 80.5 million—highlighting Ghana’s steady progress in financial inclusion .
Mobile Money vs. Traditional Banking
The record performance of mobile money has left traditional payment instruments trailing behind. While mobile money processed GH¢518.4 billion in December 2025, cheque transactions were valued at just GH¢37.3 billion, and even modern electronic channels like GhIPSS Instant Pay processed GH¢73.3 billion in the same month .
In a clear indicator of public confidence, balances held in mobile money wallets reached GH¢39.6 billion in December—the highest level recorded in 2025—suggesting that Ghanaians are increasingly comfortable using mobile wallets not just for transactions but as a secure store of value .
Expanded User Base
The number of active mobile money customers grew by 13.6% to 26.7 million in 2025, up from 23.5 million in 2024, underscoring the resilience and continued expansion of Ghana’s mobile money ecosystem .
Meanwhile, other digital banking channels also experienced significant growth. The value of mobile banking transactions grew by 130.5% year-on-year in 2025, while internet banking transactions reached GH¢383.82 billion, reflecting growing public confidence in digital funds transfer services .
Market Leader Performance
MobileMoney Limited (MML), the fintech subsidiary of Scancom PLC, has been a key driver of this growth. The company’s customer wallet balances rose sharply to GH¢38.4 billion in 2025, representing a 60.9% increase from GH¢23.9 billion in 2024 .
MML alone processed 8.4 billion transactions worth GH¢4.1 trillion in 2025, with 19.3 million active users, highlighting the dominant role mobile money now plays in Ghana’s digital economy .
Future Outlook
With smartphone penetration rising, agent networks expanding, and consumer confidence growing, mobile money is expected to maintain its upward trajectory into 2026, continuing to reshape how Ghanaians spend, save, and transfer money .
The data paints a clear picture of a financial landscape in transition—one where digital rails have become the country’s primary retail payment infrastructure, connecting households, merchants, and small businesses nationwide .
