Bank of Ghana data reveal that the total value of mobile money transactions for 2024 stood at a record GH¢3.0192trillion, about 57.90% growth year-on-year.
The previous year (2023), the total value of mobile money transactions was GH¢1.912trillion.
This astonishing growth provides an opportunity for the country to further deepen its financial inclusion programme.
The Ministry of Finance has launched three policy initiatives designed to deepen financial inclusion and accelerate the shift to digital payments.
The National Financial Inclusion and Development Strategy, developed in collaboration with the World Bank, aims at increasing financial inclusion from a current 58 percent to 85 percent by 2023, helping create economic opportunities and reducing poverty.
The Digital Financial Services Policy, developed in partnership with the Consultative Group to Assist the Poor (CGAP), builds on existing technological gains to create a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
As well, the Cash- HYPERLINK “https://mofep.gov.gh/”Lite HYPERLINK “https://mofep.gov.gh/” Roadmap – designed in collaboration with the United Nations-based Better than Cash Alliance – puts forward concrete steps to build an inclusive digital payments ecosystem.
Ghana’s implementation of various financial infrastructures and initiatives, including interoperable retail payment and QR code systems, has facilitated the digitalisation of financial services. These changes have contributed to an increase in mobile money account holders, mobile micro-insurance and mobile lending services.
However, a lack of evidence of the policy’s impact on the disparity in access to financial services in some regions and demographics remain. Also, insufficient progress tracking the financial service agenda as aimed for in the policy and ambiguity in funding the NFIDS are significant challenges.
Other challenges to the policy include high rates of financial illiteracy, cybercrimes and fraud, unstable internet connectivity, high-interest rate, high charges of mobile and digital services and lack of confidence in the legal system to seek redress.
Overall, Ghana has made significant progress in promoting financial inclusion on the African continent.
