Mobile money (MoMo) transactions in Ghana reached a staggering record of GH¢518.4 billion in December 2025.
According to the latest Summary of Economic and Financial Data from the Bank of Ghana (BoG), the December surge represents the highest monthly valuation ever recorded, cementing digital wallets as the primary engine of the nation’s retail economy.
The record-breaking performance was largely fueled by heightened consumer spending during the Christmas and New Year festivities. Transaction volumes leapt to 982 million in December, a significant jump from the 892 million recorded just a month prior.
Beyond seasonal shopping, the data reveals a fundamental growth in the ecosystem’s reach:
- Active User Base: Active MoMo accounts climbed to 26.7 million, up from 25.5 million in November.
- Total Accounts: Registered accounts have now reached a milestone of 80.5 million.
- Liquidity: Mobile wallet balances hit a 2025 peak of GH¢39.6 billion, signaling high consumer confidence in digital platforms as a reliable store of value.
MoMo vs. Traditional Banking
The data further illustrates the widening gap between mobile money and traditional banking tools for everyday retail. While MoMo transactions exceeded GH¢518 billion, cheque transactions trailed far behind at just GH¢37.3 billion. Even high-speed electronic channels like GhIPSS Instant Pay (GH¢73.3 billion) could not match the sheer scale of the mobile money network.
Analysts point to three key pillars, rising smartphone penetration, a robust network of 491,000 active agents, and improved interoperability—as the drivers that will sustain this momentum into 2026. Interoperable transactions (cross-network transfers) also saw a boost, rising to GH¢5.8 billion in December.
As the “backbone” of the retail payment system, the mobile money sector is expected to remain the dominant force in Ghana’s quest for a cash-lite society, providing a resilient platform for both micro-transactions and large-scale commercial activities.
