Ghana’s transition to a cash-light economy is accelerating, with digital payments now accounting for more than half of all financial transactions, Mr Abdul Razak Issaka-Ali, the Chief Commercial and Operations Officer of MobileMoney Fintech Limited (MMFL), has said.
He said the country’s digital finance ecosystem had matured significantly over the past decade, placing Ghana among the world’s leading adopters of digital payments.
Mr Issaka-Ali made these remarks in an interview, where he highlighted the rapid growth of digital financial services and their contribution to Ghana’s economic transformation.
He noted that although cash remained part of everyday commerce, digital payment channels had become the preferred option for many consumers and businesses.
“If you look at digital payments versus cash, we estimate that Ghana is now about a 50 to 60 per cent cash-light economy. We have made significant progress, but there is still room for growth,” he said.
Mr Issaka-Ali said Ghana’s achievements extend beyond the widespread adoption of mobile money, reflecting the development of a robust and interconnected digital payments ecosystem.
He attributed the progress to collaboration among financial institutions, payment service providers, the Ghana Interbank Payment and Settlement Systems, fintech companies and the Bank of Ghana.
He said the partnership has made digital transactions more accessible, reliable and secure for individuals and businesses across the country.
Mr Issaka-Ali disclosed that international assessments ranked Ghana among the top three countries globally for digital transactions as a share of Gross Domestic Product (GDP), demonstrating the country’s rapid adoption of electronic payments.
“The achievement is not the work of one institution. It is the result of an entire payments ecosystem working together to make digital financial services accessible to more Ghanaians,” he said.
Mr Issaka-Ali said the growth in digital payments was also transforming the operations of thousands of small and medium-sized enterprises by improving efficiency and reducing the risks associated with handling physical cash.
He observed that merchant payment solutions were helping businesses minimise cash leakages and theft while providing owners with real-time visibility over transactions and stronger financial controls.
“We have developed solutions that allow business owners to have full visibility over payments while limiting direct access to business funds. This improves accountability and gives entrepreneurs greater confidence in managing their businesses,” he explained.
Mr Issaka-Ali added that digital transaction records were creating new opportunities for entrepreneurs to access credit, as financial institutions increasingly relied on transaction histories rather than traditional collateral to assess the creditworthiness of small businesses.
Source: GNA
