Mobile money has firmly established itself as the backbone of Ghana’s payments ecosystem, with transaction values reaching a record 518.4 billion cedis in December 2025, according to data from the Bank of Ghana. The milestone highlights how digital wallets have moved beyond peer-to-peer transfers into essential infrastructure for households, traders and businesses.
The December figure represents a sharp increase from 334.8 billion cedis in December 2024, translating into growth of roughly 55 percent within a year. The expansion reinforces the platform’s role as the dominant channel for everyday economic activity.
Usage Accelerates Across the Economy
Transaction volumes kept pace with value growth. The number of mobile money transactions rose to 982 million in December, up from 745 million a year earlier, reflecting both higher frequency of use and broader adoption across income groups.
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The data suggest that mobile money is no longer reserved for small-value transfers. Instead, it is increasingly used for supplier payments, wage transfers, utility bills and retail transactions, especially among small and informal enterprises that operate outside traditional banking structures.
User Base and Activity Continue to Expand
Growth has been underpinned by a steadily expanding customer base. Registered mobile money accounts rose to 80.5 million at the end of 2025, compared with 73.0 million in December 2024.
More telling, however, is the rise in active users. Active accounts—defined as wallets that recorded at least one transaction in the previous 90 days—increased to 26.7 million, up from 23.5 million a year earlier. This points to deeper engagement rather than mere account sign-ups.
Agent Networks Strengthen Nationwide Access
The agent network continued to widen, supporting access across both urban and rural areas. Registered mobile money agents increased to 960,000 in December, while active agents climbed to 491,000, compared with 883,000 registered and 404,000 active agents at the end of 2024.
The expansion of active agents is particularly significant, as it improves cash-in and cash-out availability and reinforces trust in the system at the community level.
Rising Wallet Balances Signal Changing Behaviour
Customer balances held in mobile wallets rose sharply alongside transaction growth. MoMo float balances climbed to 39.6 billion cedis in December, up from 27.2 billion cedis a year earlier.
This trend suggests that users—particularly businesses—are increasingly holding working capital in digital wallets, using them not just for payments but also for short-term liquidity management.
Interoperability Grows, but Remains Limited
Interoperable mobile money transactions also recorded gains, though from a lower base. The value of interoperable transfers rose to 5.8 billion cedis, up from 3.1 billion cedis in December 2024. Volumes increased to 28.7 million transactions, compared with 19.9 million a year earlier.
Despite the growth, interoperability remains a small fraction of total mobile money activity, pointing to lingering friction in cross-network and bank-to-wallet payments.
Traditional Payment Channels Fade Further
The contrast with legacy payment instruments is stark. Cheque transaction values stood at 37.3 billion cedis in December, a fraction of mobile money volumes, reinforcing the steady decline of paper-based payments in retail and commercial activity.
A Structural Shift in Ghana’s Financial System
As inflation eased and monetary conditions loosened toward the end of the year, the data underline a deeper shift underway. Mobile money has evolved from a convenience tool into core financial infrastructure, shaping how money moves across Ghana’s economy.
The latest figures confirm that in 2025, digital wallets were not just growing—they were redefining the way Ghana transacts.
Source: Accra Street Journal
Last Updated on January 28, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
