Ghana’s financial landscape is undergoing a major transformation. With the rise of digital banking, mobile money, and neobanks, the country is experiencing a shift away from traditional payment methods towards more convenient, accessible, and efficient options. As digital payments continue to grow, the financial services sector in Ghana is becoming more inclusive, providing individuals and businesses with greater access to essential financial tools.
The State of the Banking Industry in Ghana
Although Ghana has a relatively developed banking sector, there is still a considerable portion of the population that remains unbanked or underbanked. According to the World Bank, roughly 40% of Ghanaians do not have access to formal banking services, a challenge that has been partially addressed by the rise of mobile money platforms.
In 2021, mobile money transactions accounted for more than 20% of Ghana's GDP. This is a clear indicator that digital payments are now central to the country's financial ecosystem. The introduction of mobile banking has made it easier for Ghanaians to send money, pay bills, and save, especially for those in rural areas where traditional banks are less accessible.
Mobile Money: The Driving Force
Mobile money services, such as MTN Mobile Money (MoMo), have seen exponential growth in Ghana. MTN MoMo alone had over 17 million subscribers as of 2022, representing over 50% of the adult population in the country. Mobile money has provided a convenient way for Ghanaians to engage in financial activities, and its popularity continues to rise. The ease of use, along with low transaction fees, has made it the preferred payment method for many people.
These mobile payment systems are now being integrated into various sectors, from retail and entertainment to the gaming and gambling industry. For instance, users can now easily fund their betting accounts or purchase gaming credits through platforms such as Betway and 22Bet, which offer mobile payment options, including mobile money services.
Neobanks and Digital Payments
Alongside mobile money, neobanks are emerging as a game-changer in Ghana’s financial industry. Neobanks, which are fully digital banking platforms with no physical branches, are offering an array of financial services at competitive prices. Some well-known neobanks like TymeBank (currently operating in South Africa) are expected to make their way into Ghana, leveraging the country’s young population and their growing familiarity with mobile and online banking.
The convenience of neobanks is appealing to both businesses and consumers. Neobanks provide lower transaction fees, instant transfers, and access to a wide range of banking services, including savings accounts, loans, and payment services—all through a mobile app.
Financial Inclusion Through Digital Payments
The rise of new payment methods in Ghana is driving financial inclusion, offering greater access to financial services for people in underserved areas. This shift is making it easier for people to access banking services without needing to visit a physical branch, helping to integrate previously excluded individuals into the formal financial system.
With over 90% of Ghanaians owning a mobile phone, and the banking system becoming increasingly digitised, the future of payment systems in Ghana looks bright. The continued development of mobile money and neobanks will play a crucial role in expanding financial services across the country.