President Nana Addo Dankwa Akufo-Addo announced that the percentage of adults in Ghana with access to financial services increased from 58% in 2017 to about 80% by 2023. This growth has significantly improved lives and created new opportunities.
He also highlighted the rise of Mobile Money adoption, with over 44 million registered accounts and transactions exceeding GH¢ 1 trillion by the end of 2023. These updates were shared on his X platform on Monday, May 14.
“Mobile money adoption has increased considerably with some 44 million accounts registered by the end of 2023, and transactions surpassing GH¢ 1 trillion whilst the percentage of adults with access to financial services has risen from 58% in 2017 to some 80% in 2023, representing a remarkable achievement that has transformed countless lives and opened up new horizons of opportunity.”
Nana Addo Dankwa Akufo-Addo
According to the statistics portal Statista, in January 2021 roughly 39 percent of people aged over 15 had a mobile money account. Three years earlier the share was only 13 percent.
In Africa, the mobile payments market differs greatly from Europe. A report by the Boston Consulting Group reveals that telecom companies hold a much larger share of the African market compared to banks.
While banks are said to “typically focus on affluent customers, who represent perhaps 10% of the adult African population”, telecom companies attract a wider range of customers, the report states.
Ghana’s Mobile Money Revolution Enabling Financial Inclusion
Mr. Eli Hini, CEO of MobileMoney Limited, spoke on the extent to which mobile money promotes financial inclusion in Ghana, stating, “The effect is enormous.”
“More Ghanaians than ever before are now able to access basic financial services. And this is because of mobile money. The beauty of mobile money is that the Know-your-customer (KYC) requirements are less exacting than those for opening a typical bank account. The way it has been implemented has enabled many more people to sign up for wallets.
“Anybody who has a national ID card can now own a mobile money wallet. The wallet enables the holder to transfer money and also benefit from savings. We transfer the amount of money to be saved to partner banks who pay interest on the deposit. Furthermore, many customers can buy insurance and pension contributions on our platform.”
Eli Hini
Aside from mobile money’s wide adoption in Ghana, its market size is projected to grow tremendously in the coming years.
According to the IMARC Group, the Ghana mobile money market size reached US$ 161.3 Billion in 2023. It expects the market to reach US$ 789.5 Billion by 2032, exhibiting a growth rate (CAGR) of 19.2% from 2024-2032.
Earlier, President Akufo-Addo addressed the 3i Africa summit in Accra, emphasizing its theme, “Unleashing Africa’s Fintech and Economic Potential,” as a rallying call to action.
He described Ghana’s fintech regulatory environment as a hub of innovation and competition, attracting talent continent-wide.
Digital lending platforms, he noted, have disbursed substantial sums to micro, small, and medium enterprises, driving job creation and economic growth.
Ghana, he stated, invests heavily in tech-driven education and vocational training to equip youth for fintech opportunities.
President Akufo-Addo also highlighted the potential of the African Continental Free Trade Area (AfCFTA), projecting a 52% increase in intra-African trade and a $450 billion boost to collective GDP.
He urged public-private partnerships and cross-border collaboration to develop a seamless fintech ecosystem aligned with AfCFTA’s vision of a fully integrated, digital African economy.
The President also challenged summit participants to envision a borderless continent where digital innovation propels progress and fulfills African aspirations for a brighter future.
