Ghana’s mobile money industry recorded another year of strong growth in 2025, with total transaction values rising by 50.8 per cent to GH¢4.54 trillion, underscoring the growing importance of digital payments to businesses and households.
According to the Bank of Ghana’s (BoGs) 2025 Systems Oversight Annual Report, the figure was an increase from GH¢3.01 trillion recorded in 2024, with monthly transaction values consistently exceeding the previous year’s levels.
The value of transactions rose steadily during the year, from GH¢333 billion in January to GH¢518 billion in December, reflecting the increasing reliance on mobile money platforms for everyday financial activities.
The growth was also evident in the number of active customers, which increased by 13.6 per cent, from 23.5 million in 2024 to 26.7 million in 2025.
The report said the development demonstrated the “resilience and continued expansion” of Ghana’s mobile money ecosystem, as more people and businesses embraced digital channels for payments, transfers and other financial services.
The agent network also recovered strongly following the clean-up exercise undertaken in 2024. Active e-money agents increased by 21.4 per cent to 491,057 in 2025, from 404,370 the previous year.
The Bank said the increase represented a period of post-clean-up consolidation, characterised by improved agent legitimacy and activity rather than simply rapid expansion of the network.
The report further showed that mobile money transactions were increasingly being driven by account-based and digital flows.
It said Agent-to-agent (A2A) transactions remained the largest category, accounting for 41 per cent of total transaction values in 2025, up from 37 per cent in 2024.
Third-party transfers also increased marginally, from 14.4 per cent to 14.9 per cent, pointing to the growing use of fintech platforms for commercial and merchant payment activities.
At the same time, cash-based transactions declined. Cash-in and cash-out transactions together accounted for 16.1 per cent of total transaction values in 2025, compared with 20.1 per cent in 2024.
The figures suggest that mobile money is gradually moving beyond its traditional role as a cash transfer platform to become an important part of Ghana’s wider digital economy.
The broader payments ecosystem also recorded significant gains during the year.
GhIPSS Instant Pay (GIP) transactions increased by 25.9 per cent to 202.8 million, while transaction values more than doubled by 100.5 per cent to GH¢712 billion.
The Bank also granted 53 approvals to regulated institutions to introduce new payment products, including inbound remittances, digital micro-loans, digital savings, agency banking, mobile banking and card issuance.
In his foreword to the report, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said emerging technologies and changing consumer behaviour were reshaping how Ghanaians interacted with financial service providers.
He said the developments had “created new opportunities for financial inclusion and economic participation across the country.”
Dr Asiama added that the Bank remained committed to balancing innovation with safety and stability, stressing that its regulatory approach was guided by “efficiency, resilience, transparency, and trust”.
He said the continued expansion of real-time payment services and efforts to improve interoperability among payment service providers had significantly strengthened Ghana’s digital payments landscape.
The Bank’s interventions included the National Payment Systems Strategy (2025–2029), new guidelines for agent banking and international money transfer operators, as well as frameworks for Systemically Important Payment Systems and payment service providers.
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