For years, global investors watched Africa’s fintech story from a distance. They were hopeful, curious but cautious.
That distance is shrinking fast. The 2025 GSMA State of the Industry Report on Mobile Money confirms what insiders have known for a while.
Sub-Saharan Africa is no longer just a participant in the mobile money revolution. It is its undeniable epicenter.
The region now accounts for more than 1.1 billion registered accounts or 53percent of the global total and processed over US$1.1 trillion in transactions in 2024.
These are not symbolic figures. They’re structural shifts and few markets illustrate this transformation more convincingly than Ghana.
What sets Ghana apart isn’t just scale. Its velocity and direction. In 2023 alone, mobile money contributed US$190 billion to Sub-Saharan Africa’s GDP, up from US$150 billion the previous year. Ghana’s contribution stands above the average, with mobile money accounting for more than 5percent of its GDP.
A level of economic integration that puts it in rare company with only a handful of countries like Benin and Senegal. That kind of digital penetration, especially in a cash-heavy region, is more than a convenience. It’s a fiscal strategy with real macro implications.
Ghana’s policy playbook has proven especially effective at accelerating mobile money usage. In 2023, the Central Bank of Ghana raised transaction and wallet limits by as much as 60percent, effectively unlocking higher-value flows within the formal financial system.
This move didn’t just benefit consumers, it sent a strong signal to the market that regulation would lean toward enablement rather than restriction.
That regulatory clarity, paired with a healthy competitive environment led by MTN MoMo, AT Money and Telecel Cash has driven up engagement across the board.
While the global average revenue per user (ARPU) rose to US$3.51 in 2024, Ghana’s providers are likely outperforming this benchmark, reflecting deeper transactional activity per user.
This performance is mirrored in the infrastructure layer. Ghana grew its registered mobile money agent network by 21percent last year, surpassing the Sub-Saharan African average of 19percent.
Agent density remains a crucial metric in low-bank-branch regions and Ghana’s lead suggests that last-mile financial access is no longer a bottleneck.
Mobile money account activity also tracked the region’s 12percent year-on-year growth with user behaviour moving beyond peer-to-peer transfers into a wider ecosystem of services, from bill payments to microcredit to mobile insurance.
Cross-border flows are an equally important part of the narrative. Remittances processed via mobile money rose by 28percent globally in 2023 and Ghana remains a high-volume corridor for inbound diaspora transactions.
Strategic alliances, such as the one between Safaricom Ethiopia and Dahabshiil, have helped streamline these remittance flows into mobile wallets, enhancing liquidity and injecting foreign exchange directly into digital channels. That’s not just innovation. It is monetary policy in motion.
Providers are also evolving beyond traditional telecom-fintech hybrids. MTN MoMo, arguably the market leader, launched a virtual card with Mastercard in 2024, allowing users to transact in global digital marketplaces.
Telecel Cash broke ground in Ghana to also enable Google Play payments, a signal that mobile money is starting to integrate with mainstream digital commerce.
Meanwhile, AT Money is pushing hard into micro-lending, offering small-ticket credit with real-time approvals. These product layers matter not just for consumer stickiness but for creating the financial behaviour patterns that deepen economic digitization.
Beneath these moves lies a coordinated effort to build a more inclusive user base. Around 60percent of Ghanaian providers are now investing in digital financial literacy programs, with a focus on onboarding women and rural populations.
Inclusion isn’t just a moral imperative. It is a market expansion strategy and Ghana’s providers seem to understand that converting first-time users into long-term customers requires more than a SIM card and a PIN.
From a global investor’s lens, the signals are unmissable. West Africa saw a 21percent increase in registered accounts in 2024, and Ghana, along with Nigeria and Côte d’Ivoire, is shaping up to be the subregion’s fintech growth engine.
While East Africa continues to lead in transaction volume, Ghana’s focus on ecosystem transactions, thus merchant payments, bill settlements and savings products, shows a market transitioning from access to utility and from utility to value creation.
Ghana’s fintech ascent is no longer a bet on potential. I dare say, it’s a case study in execution. For venture capital firms looking for exposure to digital finance in emerging markets or for multinationals seeking expansion into digitally aligned economies, Ghana offers more than an entry point, it offers a framework.
The convergence of smart regulation, infrastructure growth and competitive innovation makes Ghana not only a national success story but a continental bellwether.
The broader takeaway is this: Africa’s fintech story is not a trend. It’s a structural realignment of how finance works in the world’s fastest-growing populations. And in that story, Ghana is not merely participating. It’s leading.
Author’s Note: This analysis is grounded in my professional observations and research within Ghana’s dynamic digital finance ecosystem. While I have endeavoured to provide thorough insights, I acknowledge the evolving nature of financial technologies, shifting regulatory landscapes, and emerging consumer behaviors that characterize this sector. I welcome constructive critique and encourage industry peers, stakeholders, and readers to share their perspectives. By exchanging knowledge and challenging assumptions, we can foster a deeper understanding of digital finance and financial inclusion in emerging markets. Let us engage in meaningful dialogue as we collectively pursue innovation and evidence-based progress in this transformative field.
>>>the writer is a seasoned professional with nearly a decade of experience in Supply Chain Management. He holds a Master’s degree in Procurement and Supply Chain Management and is CIPS, GIPS and CMILT certified. He is also a certified Digital Finance Practitioner (CDFP) with a deep interest in digital payments, digital identity, and emerging technologies. Precious blends his expertise with a passion for innovation. A lifelong learner and student of life, He is committed to continuous growth and leveraging knowledge to drive transformative solutions
