MML’s MoMo transactions hit GH¢4.1trn in digital finance surge

MobileMoney LTD, the fintech subsidiary of Scancom PLC, has recorded a sharp expansion in its mobile money ecosystem, with the value of funds held in customer wallets (MoMo float) rising by 60.9% to GH¢38.4 billion, up from GH¢23.9 billion in 2024.

The sharp growth in float reflects increasing consumer trust in mobile wallets as a store of value and a key transactional platform in Ghana’s fast-evolving digital payments landscape.

Alongside the surge in wallet balances, the mobile money business also posted strong earnings growth, with revenue rising by 35.7 percent year on year to GH¢6 billion, compared with GH¢4.4 billion generated in 2024.

The impressive financial performance was driven primarily by expanding user adoption and growing reliance on digital payments and fintech services.

The number of active mobile money users increased by 12.3% to 19.3 million in 2025, up from 17.2 million recorded in 2024, further consolidating mobile money’s role as the country’s most widely used financial service platform.

Industry analysts say the growth trajectory underscores the rapid shift of Ghana’s financial system toward mobile-based transactions, with fintech platforms increasingly outperforming traditional banking channels in transaction volumes and everyday payments.

Transaction volumes and values surge
Mobile money activity within the ecosystem continued to expand rapidly during the year.

MML’s total transaction volume increased by 18.4%, rising from 7.1 billion transactions in 2024 to 8.4 billion transactions in 2025.

Even more striking was the surge in transaction values, which climbed 53.8% from GH¢2.7 trillion in 2024 to GH¢4.1 trillion in 2025.

The scale of these transactions highlights the dominant role mobile money now plays in Ghana’s digital economy.

Data from the Bank of Ghana shows that mobile money has already become the backbone of retail financial transactions across the country.

Payments and lending drive revenue growth
A closer look at the revenue composition shows significant shifts in how customers are using mobile money services.

Revenue from basic services, which include withdrawals and transfers, increased 27.2% year on year, largely driven by stronger transfer activity following the abolition of the electronic transfer levy (E-levy).

However, the most dynamic growth came from advanced services, which include digital payments, merchant services and mobile lending.

Revenue from these services surged 55.9 percent year on year to GH¢2 billion, reflecting rising adoption of fintech solutions embedded within the mobile money ecosystem.

Despite the strong growth, mobile money’s share of overall service revenue dipped slightly from 24.9% in 2024 to 24.8% in 2025, suggesting that other telecom service segments also expanded during the period.

The structure of revenue within the mobile money platform also evolved.

Withdrawals declined as a proportion of revenue, dropping from 51.2% in 2024 to 45.6% in 2025, signalling a gradual shift away from the traditional cash-out model.

At the same time, peer-to-peer transfers (P2P) increased their contribution from 28.9% to 33.7%, while advanced services rose from 19.4% to 20.7%.

Analysts say the shift reflects the maturation of Ghana’s mobile money market, where users are increasingly conducting payments, business transactions and borrowing directly through digital wallets rather than using them primarily as a cash transfer tool.

Mobile money outpaces digital banking
The scale of mobile money transactions in Ghana now dwarfs activity within the traditional banking sector’s digital platforms.
Transactions in the traditional banking systemremain significantly smaller than the GH¢4.1 trillion in mobile money transactions recorded by MML alone in 2025.

Financial analysts say the gap illustrates the structural transformation taking place in Ghana’s payments ecosystem, where mobile network operators have emerged as major financial intermediaries.

Unlike traditional banks that require formal account opening procedures and branch infrastructure, mobile money platforms rely on widespread agent networks, USSD services and mobile phone access to deliver financial services to millions of users, including the unbanked.

This accessibility has enabled mobile money to dominate everyday transactions such as transfers, merchant payments, utility bills and microloans.

Strong profitability and shareholder returns
The strong operational performance also translated into solid financial returns.

The company also recorded a Return on Assets (ROA) of 12.5%, reflecting efficient use of assets to generate profits.

Meanwhile, earnings per share (EPS) rose to GH¢0.592, representing 55.8% growth, highlighting the growing profitability of the fintech business.

Experts note that these profitability metrics are significant because mobile money platforms operate on relatively lean infrastructure compared with traditional banks, allowing them to generate strong returns while serving millions of users.

Regulatory restructuring underway
Meanwhile, structural changes are underway within the mobile money business as part of regulatory compliance requirements.

Following shareholders’ approval in December 2025, a merger between MobileMoney Limited (MML) and MobileMoney Fintech Limited (MMF) is progressing.

The restructuring is being undertaken by Scancom PLC as part of the structural separation of its fintech business, in compliance with Ghana’s Payment Systems and Services Act, 2019 (Act 987).

The process is intended to meet localisation requirements and strengthen regulatory oversight of the country’s rapidly expanding digital payments sector.

The merger will take effect once all required regulatory approvals have been completed.

Digital finance reshaping Ghana’s financial system
With 19.3 million active users, 8.4 billion annual transactions, and GH¢4.1 trillion in transaction value, mobile money platforms are increasingly redefining how Ghanaians access and use financial services.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.