That is how much money sat in mobile money wallets at the end of 2025, up 60.9 percent from the previous year.
The figure is not transaction volume. Total MoMo transaction value hit GHS 4.1 trillion in 2025, money flowing through wallets, person to person, merchant to merchant, bill payment to cash-out.
The GHS 38.4 billion is different. It is the stock, the balance people are choosing to leave in their wallets rather than withdraw.
The growth rate tells the story. Transaction value grew 53.8 percent year on year. Wallet holdings grew 60.9 percent. Holdings are outpacing flow. People are keeping more money in MoMo, not just moving it through.
That shift matters. When MoMo launched, the primary use case was remittances and transfers. You received money and cashed out. The wallet was a pipe, not a container. A 60.9 percent surge in holdings suggests the pipe is becoming a jar. People trust it enough to store value there.
For the telcos, this is a balance sheet issue. GHS 38.4 billion in float generates interest income in the pooled trust accounts held with commercial banks.
As holdings grow, so does the revenue from that float, and so does the regulatory scrutiny around how it is managed.
For the banks, it is a deposit competition issue. Every cedi sitting in a MoMo wallet is a cedi not sitting in a savings account.
At GHS 38.4 billion, the aggregate wallet balance exceeds the total deposits at several mid-tier banks.
The BoG's interoperability framework and the e-levy's partial rollback have both influenced how people use wallets.
But the holdings number suggests something more fundamental: MoMo is no longer just a payment tool. It is where a growing share of the population keeps its money.
