MML’s MoMo Float Surges to GH¢38.4bn as Digital Payments Accelerate in Ghana

MobileMoney LTD (MML), the fintech arm of Scancom PLC, has recorded significant growth in its mobile money ecosystem, with customer wallet balances (MoMo float) rising by 60.9% to GH¢38.4 billion up from GH¢23.9 billion in 2024.

The strong growth in float signals rising public confidence in mobile wallets as both a store of value and a preferred platform for everyday transactions in Ghana’s rapidly evolving digital payments space.

Revenue from the mobile money business also expanded sharply, rising by 35.7% year on year to GH¢6 billion compared to GH¢4.4 billion in 2024. According to analysts, the uptick was driven by increased user adoption and the growing use of fintech services across the country.

Active MoMo users grew by 12.3%, reaching 19.3 million in 2025, up from 17.2 million the previous year reinforcing mobile money’s status as Ghana’s most utilised financial service.

Transaction Volumes and Values Strengthen

Transaction activity remained strong, with total MoMo transactions increasing by 18.4% from 7.1 billion in 2024 to 8.4 billion in 2025.

Transaction values saw even more significant expansion, rising by 53.8% to GH¢4.1 trillion, compared to GH¢2.7 trillion the previous year. The surge underscores mobile money’s dominant role within Ghana’s digital economy.

Data from the Bank of Ghana confirms that mobile money has become the backbone of retail financial transactions nationwide.

Payments and Lending Boost Revenue Composition

Revenue from basic services such as withdrawals and transfers increased by 27.2%, buoyed by higher transfer activity following the scrapping of the E-levy.

Advanced services comprising digital payments, merchant services, and mobile lending—saw the most rapid growth, rising 55.9% year on year to GH¢2 billion. This reflects increasing reliance on embedded fintech solutions within mobile wallets.

Despite the strong performance, mobile money’s share of Scancom’s overall service revenue dipped marginally from 24.9% in 2024 to 24.8% in 2025, indicating wider growth across other telecom segments.

The internal revenue mix is also shifting:

• Withdrawal revenue declined from 51.2% to 45.6%
• Peer-to-peer transfers increased from 28.9% to 33.7%
• Advanced services rose from 19.4% to 20.7%

Analysts interpret this as a sign of market maturity, with Ghanaians increasingly using MoMo for payments, business transactions, and borrowing—not just cash-outs.

Mobile Money Outpacing Traditional Banking

The GH¢4.1 trillion in MoMo transactions recorded by MML in 2025 outstrips digital activity within the traditional banking sector. Experts say this highlights a structural shift in Ghana’s financial ecosystem, where telecom-led fintechs are becoming major financial intermediaries.

Mobile money’s success is attributed to its accessibility through USSD, agent networks, and basic mobile phones particularly benefiting the unbanked and underserved.

Strong Profitability Delivered

MML delivered solid financial returns, recording a Return on Assets (ROA) of 12.5%. Earnings per share (EPS) also increased by 55.8% to GH¢0.592, reflecting the high profitability of fintech operations compared with traditional banking infrastructure.

Regulatory Restructuring Underway

A merger between MobileMoney Limited (MML) and MobileMoney Fintech Limited (MMF) is progressing following shareholder approval in December 2025. The restructuring is being carried out by Scancom PLC in line with Ghana’s Payment Systems and Services Act, 2019 (Act 987), aimed at ensuring localisation and strengthening regulatory oversight.

The merger will take effect once final regulatory approvals are issued.

Digital Finance Transforming Ghana’s Economy

With 19.3 million active users, 8.4 billion annual transactions, and GH¢4.1 trillion in transaction value, mobile money continues to redefine Ghana’s financial landscape—deepening inclusion and reshaping the country’s payment culture.