Total mobile money transaction values grew by 50.8% to GH¢4.54 trillion in 2025 from GH¢3.01 trillion over the review period, the Bank of Ghana has disclosed.

According to the 2025 Payment Systems Oversight Annual Report, the acceleration in transaction values underscored the increasing importance of e-money platforms in supporting economic transaction.

Following the significant agent network clean-up in 2024, the number of mobile money active agents dipped but rebounded in 2025.

According to the Bank of Ghana, active agents increased by 21.4% over the period to 491,057 in 2025 from 404,370 in 2024.

It said that the growth reflected a post-clean-up consolidation phase, characterised by improved agent legitimacy and activity rather than rapid network expansion.

However, mobile money transaction values in 2025 continued to be concentrated in a small number of high-value transaction types, with Agent-to-Agent (A2A) transactions remaining dominant and accounting for 41.0% of total transaction values compared with 37% in 2024.

“A2A transactions have continued to play a critical role in supporting liquidity redistribution and settlement within the mobile money agent network”, the report said.

It added that the third-party transfers recorded a marginal increase to 14.9% in 2025 from 14.4% in 2024, reflecting the growing use of fintech platforms for mediated merchant and commercial payment flows.

This shift points to continued integration of mobile money channels into business and institutional transactions.

In contrast, cash-based transactions made up a smaller share of total transaction values, with combined cash in and cash out activities accounting for 16.1% in 2025, compared with 20.1% in 2024. This reduction indicated a gradual transition from cash-intensive activity towards account-based and digital transaction flows.

Other transaction types, including wallet-to-bank, bank-to-wallet, person-to-person and business-to-business transactions, maintained relatively stable shares, collectively supporting both retail and merchant payment use cases.