Ghana’s mobile money sector recorded a historic milestone in December 2025, with transaction values hitting an unprecedented GH¢518 billion, highlighting the country’s accelerating shift toward digital payments and a cash-lite economy.
The record performance reflects the growing dependence on mobile money platforms for a wide range of financial activities, including person-to-person transfers, bill payments, merchant services, savings, and government-related transactions. Once limited to basic money transfers, mobile money has evolved into a core component of Ghana’s financial infrastructure.
Data from the Bank of Ghana’s latest Summary of Economic and Financial Data show that December posted the highest monthly mobile money transaction value on record, reinforcing the role of digital wallets as the backbone of the country’s retail payment system.
The surge was partly driven by heightened consumer spending during the Christmas and New Year festivities. Transaction volumes rose sharply to 982 million in December, from 892 million in November, as individuals and businesses relied heavily on mobile money for seasonal purchases and payments.
Beyond festive activity, the data point to deeper, structural growth within the ecosystem. The number of active mobile money accounts increased to 26.7 million in December, up from 25.5 million the previous month, while total registered accounts surpassed 80.5 million. Mobile wallet balances also climbed to a 2025 high of GH¢39.6 billion, indicating growing confidence in digital platforms not only for payments but also for storing value.
The dominance of mobile money over traditional payment channels is increasingly evident. While mobile money transactions exceeded GH¢518 billion, cheque transactions amounted to just GH¢37.3 billion. Even electronic payment alternatives such as GhIPSS Instant Pay, which recorded GH¢73.3 billion, lagged far behind in scale.
Analysts attribute the sustained growth to rising smartphone penetration, an extensive network of about 491,000 active agents, and improved interoperability across mobile money platforms. Interoperable transactions alone reached GH¢5.8 billion in December, reflecting stronger cross-network usage.
As Ghana advances toward a cash-lite economy, mobile money has become firmly embedded in everyday commerce, supporting transactions ranging from small informal payments to large-scale business transfers.
The expansion of mobile money continues to drive financial inclusion, particularly among unbanked and underbanked populations. Millions of Ghanaians who previously lacked access to formal banking services can now securely send, receive, and store money using mobile phones.
Businesses, especially small and medium-sized enterprises, have also embraced mobile money for payments, payroll and customer transactions, improving efficiency, reducing cash-handling risks and expanding their market reach.
As the country deepens its digitalisation drive, the GH¢518 billion milestone stands as a clear indicator of mobile money’s transformative role in Ghana’s economy.
