Mobile payments now power half of Ghana’s formal transactions, with 24 million users and 74 million accounts transforming financial inclusion.
Ghana has witnessed a dramatic surge in digital payments over the past decade, as mobile money has become a cornerstone of the country’s financial landscape. The total value of transactions has soared to 3.02 trillion cedis ($280 billion), marking an extraordinary increase of more than 1,135,000% since 2015, the Bank of Ghana revealed.
Speaking at the MOBEX Africa Tech Expo and Innovation Conference in Accra, Matilda Asante-Asiedu, deputy governor of the Bank of Ghana, highlighted the transformative role of mobile money in driving economic growth. The number of users has jumped from under five million in 2015 to 24 million in 2025, she said, making mobile payments a central pillar of the nation’s financial system.
“This is no longer about novelty. Payments are not just going digital; they are digital. And with that, the stakes go high,” Asante-Asiedu told attendees.
The scale of adoption is unprecedented. Ghana now has 74 million mobile money accounts, meaning that, on average, each of the 35 million citizens holds more than two accounts. Nearly 900,000 mobile money agents operate nationwide, roughly one for every 85 citizens, providing critical access in rural areas where banking infrastructure remains limited.
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Unlike digital payment systems in most Western economies, which rely on internet connectivity, Ghana’s mobile money can be accessed on basic feature phones using USSD technology. “This creates genuine inclusion, where distance, literacy, or bandwidth are no longer barriers to accessing finance,” the deputy governor said.
Amid this rapid growth, the Bank of Ghana is also piloting its central bank digital currency, the eCedi, set to launch later this year. The eCedi is intended to complement mobile money, not disrupt it, with a cautious rollout guided by pilot program feedback.
Ghana’s approach reflects lessons learned from Nigeria’s e-naira, Africa’s first CBDC, which struggled to gain traction and is now being restructured into a stablecoin model.
Analysts say Ghana’s experience demonstrates how innovative payment solutions can drive financial inclusion in developing economies, bridging gaps where traditional banking falls short. Mobile money has not only transformed consumer payments but is increasingly influencing business transactions and government disbursements, cementing its role as a key driver of economic growth in West Africa.
With mobile payments now representing half of all formal transactions in the country, Ghana is emerging as a model for digital finance across the continent, showcasing how accessible technology can reshape economies.
Africa Daily News, New York
