MobileMoney Limited’s MoMo Float Hits GH¢38.4bn

MobileMoney Limited (MML), 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 strong growth in float reflects increasing consumer confidence in mobile wallets as both a store of value and a key transactional platform within Ghana’s rapidly evolving digital payments landscape.

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

The solid financial performance was driven largely by rising user adoption and the growing reliance on digital payments and fintech services.

Active mobile money users also grew significantly during the period. The number of active users rose by 12.3 percent to 19.3 million in 2025, up from 17.2 million in 2024, reinforcing mobile money’s position as Ghana’s most widely used financial service platform.

Industry analysts say the sustained growth underscores the rapid shift within Ghana’s financial system toward mobile-based transactions, with fintech platforms increasingly surpassing traditional banking channels in transaction volumes and everyday payment services.

Mobile money activity across the ecosystem continued to expand rapidly throughout the year. Total transaction volume on the MML platform rose by 18.4 percent, increasing from 7.1 billion transactions in 2024 to 8.4 billion in 2025.

Transaction values grew even more sharply, rising by 53.8 percent 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 within Ghana’s digital economy. Data from the Bank of Ghana indicates that mobile money has become the backbone of retail financial transactions across the country.

A closer look at revenue composition reveals notable changes in how customers are using mobile money services. Revenue generated from basic services, including withdrawals and transfers, grew by 27.2 percent year-on-year. This increase was largely attributed to stronger transfer activity following the abolition of the electronic transfer levy (E-levy).

However, the most significant growth came from advanced services, including digital payments, merchant services and mobile lending.

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

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

The structure of revenue within the mobile money platform also shifted during the year. Withdrawals accounted for a smaller proportion of revenue, falling from 51.2 percent in 2024 to 45.6 percent in 2025, signalling a gradual move away from the traditional cash-out model.

Meanwhile, peer-to-peer (P2P) transfers increased their contribution from 28.9 percent to 33.7 percent, while advanced services rose from 19.4 percent to 20.7 percent.

Analysts say this shift reflects the continued maturation of Ghana’s mobile money market, where users are increasingly making payments, conducting business transactions and accessing credit directly through digital wallets rather than using them mainly as cash transfer tools.

The scale of mobile money transactions in Ghana now far exceeds activity within the traditional banking sector’s digital platforms. Transactions processed through the conventional banking system remain significantly smaller compared with the GH¢4.1 trillion in mobile money transactions recorded by MML alone in 2025.

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

Unlike traditional banks, which require formal account opening procedures and branch infrastructure, mobile money platforms rely on extensive 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 bill settlements and microloans.

The strong operational performance also translated into solid financial returns. The company recorded a Return on Assets (ROA) of 12.5 percent, reflecting efficient utilisation of assets to generate profits.

Earnings per share (EPS) also rose to GH¢0.592, representing growth of 55.8 percent and highlighting the increasing profitability of the fintech business.

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

Meanwhile, structural changes are currently underway within the mobile money business as part of regulatory compliance measures. Following shareholder 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 operations in line with Ghana’s Payment Systems and Services Act, 2019 (Act 987).

The process is aimed at meeting localisation requirements and strengthening regulatory oversight of the country’s rapidly expanding digital payments sector.

The merger will take effect once all necessary regulatory approvals have been secured.

With 19.3 million active users, 8.4 billion annual transactions and GH¢4.1 trillion in transaction value, mobile money platforms are increasingly transforming how Ghanaians access and use financial services.

The continued growth of mobile money highlights the expanding role of digital finance in shaping the future of Ghana’s financial system.