MTN Ghana’s Mobile Money service has reached 17.7 million active users by the third quarter of 2025, adding over 700,000 new users in the past year as the platform continues dominating Ghana’s rapidly evolving digital finance landscape.
The 4.1 percent year-on-year growth comes as more Ghanaians embrace cashless transactions for everything from daily purchases to business operations, with MoMo revenue climbing 39.2 percent to GHS4.3 billion, representing one of the strongest performances within MTN’s diverse portfolio. What’s particularly striking isn’t just the user growth, but how deeply embedded the platform has become in Ghana’s economy.
Mobile Money now accounts for nearly a quarter, 24.9 percent, of MTN Ghana’s total service revenue, up slightly from 24.4 percent the previous year. That’s a remarkable shift for what started as a simple person-to-person transfer service and has evolved into a comprehensive financial ecosystem offering digital payments, lending, merchant transactions, and cross-border remittances.
The revenue breakdown tells an interesting story about changing user behavior. Advanced MoMo services jumped 62.9 percent to GHS1.4 billion, while basic services rose 30 percent, reflecting a growing appetite for more sophisticated digital finance tools among users who’ve moved beyond simple cash transfers. It’s the kind of evolution that suggests Ghanaians aren’t just using MoMo because they have to, they’re discovering what’s possible when financial services become truly accessible.
Stephen Blewett, MTN Ghana’s CEO, said the company’s performance reflects consistent execution of its commercial strategy and improvements in the macroeconomic environment. But there’s more to the story than good management. Policy changes have played a crucial role, particularly the removal of the electronic levy that had dampened transaction volumes and the government’s push to reduce cash-out transactions, encouraging customers to keep more funds circulating within the digital system.
The broader financial picture reinforces how central digital services have become to MTN’s business model. Total service revenue grew 36.3 percent to GHS17.3 billion, with data revenue surging 46.8 percent to GHS9.3 billion, now accounting for more than half of total service revenue. Even voice revenue, the traditional telecom cash cow, managed 9.3 percent growth to GHS2.9 billion despite a gradual shift toward internet-based calls.
What’s enabling this growth isn’t just clever marketing or favorable policies. MTN Ghana invested over GHS3.3 billion in network expansion and IT upgrades this year alone, improving service quality and extending coverage to communities that previously had limited access to reliable connectivity. For MoMo agents and users in remote areas, these infrastructure improvements mean they can actually complete transactions reliably, which matters more than any promotional campaign.
The company’s maintained 98.9 percent 4G population coverage, supporting a 57.3 percent increase in data traffic year-on-year. That kind of network reliability becomes the foundation for trust in digital financial services, especially in areas where one failed transaction can mean the difference between making a sale or losing a customer.
Digital entertainment services more than doubled to GHS324.4 million, driven by consumer appetite for streaming video, gaming, and digital content. These categories barely existed in MTN’s revenue mix just a few years ago, but they’re now contributing meaningfully to the bottom line and creating additional reasons for users to stay connected and engaged with the platform.
Profit after tax increased 45.9 percent to GHS5.5 billion, while EBITDA grew 41.6 percent to GHS10.2 billion, achieving a margin of 58.4 percent. That margin improvement of 2.2 percentage points signals MTN is squeezing more profitability from each cedi of revenue, a crucial metric as the telco pivots from traditional voice services toward data and fintech offerings.
MTN’s reaffirmed its commitment to scaling up digital finance infrastructure by working closely with banks, agents, and merchants to grow its payment network and strengthen interoperability. It’s the kind of ecosystem-building approach that recognizes MoMo’s success depends not just on MTN’s technology, but on creating a network effect where more participants make the platform more valuable for everyone.
The company’s also contributed significantly to national development beyond its core business. MTN Ghana paid GHS7.3 billion in direct and indirect taxes, up from GHS6.1 billion in 2024, making it one of the country’s largest taxpayers. Through the MTN Ghana Foundation, the company’s constructing a multipurpose resource center at the University of Development Studies in Tamale that’ll benefit over 30,000 students with training in digital skills, AI, robotics, and IoT.
For Ghana’s broader economy, MoMo’s growth represents more than just one company’s success story. It’s helping drive the country’s transition toward becoming a cash-lite economy, extending financial services to populations that traditional banks never reached, and creating new opportunities for small businesses and entrepreneurs who can now accept digital payments without expensive point-of-sale infrastructure.
The platform’s evolution from basic transfers to comprehensive financial services mirrors Ghana’s own digital transformation journey. As the country positions itself within the African Continental Free Trade Area and works to strengthen its economic fundamentals, having a robust digital payments infrastructure becomes increasingly important for competitiveness and inclusion.
Looking ahead, MTN projects service revenue growth in the mid-to-upper thirties percentage range for the final quarter of 2025, with EBITDA margins in the mid-fifty percent range. That guidance suggests management expects momentum to continue despite seasonal variations and competitive pressures from other telcos and fintech players entering the market.
The telecommunications landscape continues evolving with potential 5G deployments, satellite internet competition, and regulatory changes that could reshape competitive dynamics. MTN’s ability to maintain growth momentum while adapting to these shifts will determine whether 2025’s performance represents peak achievement or foundation for sustained leadership in Ghana’s digital transformation journey.
For now, the numbers tell a clear story about where Ghana’s economy is heading. With 17.7 million people actively using Mobile Money, the platform has become infrastructure, not just a service. It’s bridging the gap between technology and access in a way that’s transforming how Ghanaians save, spend, and build their financial futures.
