• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, October 28, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ghana’s Financial Access Soars with Mobile Money Boom

Lawrence Ankutseby Lawrence Ankutse
May 14, 2024
Reading Time: 4 mins read
File photo

File photo

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
nana addo 1
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.

RelatedPosts

Finance Minister Proposes November 13 to Present 2026 Budget

Ghana’s HDI Rising; Economic Stability and AI to Boost Further

BoG Set to Slash Policy Rate to 19% as Inflation Dips to Single Digits

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.”

ADVERTISEMENT

“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
Eli Hini
Mr. Eli Hini, CEO of MobileMoney Limited

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.

READ ALSO: Stonebwoy Counsels Colleagues Against Division

Tags: ELI HINIFinancial accessMobile MoneyMobile Money adoptionmobile money market size
Share1Tweet1ShareSendSend
Please login to join discussion
Previous Post

IAE Forum Highlights Strategies for Successful Project Implementation

Next Post

NDC Challenges EC’s Claim on BVR Machine Serial Numbers

Related Posts

Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.
Economy

Finance Minister Proposes November 13 to Present 2026 Budget

October 27, 2025
Ghana’s HDI Rising; Economic Stability and AI to Boost Further.
Economy

Ghana’s HDI Rising; Economic Stability and AI to Boost Further

October 27, 2025
BoG Set to Slash Policy Rate to 19% as Inflation Dips to Single Digits
Economy

BoG Set to Slash Policy Rate to 19% as Inflation Dips to Single Digits

October 27, 2025
President Mahama Launches GIP in Accra
Economy

Over GH¢70B Lost to Projects, GIP to Rescue

October 25, 2025
Ghana’s IMF Debt Surges to 2.59 Billion SDR — Experts Warn of Tightening Fiscal Space
Economy

Ghana’s IMF Debt Surges to 2.59 Billion SDR — Experts Warn of Tightening Fiscal Space

October 24, 2025
Ghana's GDP Surges as Macroeconomy Stabilizes
Economy

Ghana Ranked the 8th Largest Economy in Africa

October 24, 2025
GSE Records GH¢1.88m Turnover as Societe Generale Steals the Spotlight with 10% Jump
Securities/Markets

GSE Records GH¢1.88m Turnover as Societe Generale Steals the Spotlight with 10% Jump

by M.COctober 28, 2025
CETAG Threatens Nationwide Strike Over Unpaid Allowances
General News

CETAG Threatens Nationwide Strike Over Unpaid Allowances

by Silas Kafui AssemOctober 27, 2025
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3
Banking

ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

by M.COctober 27, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Europe

Putin Meets With North Korea’s Foreign Minister

by Comfort AmpomaaOctober 27, 2025
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.
Economy

Finance Minister Proposes November 13 to Present 2026 Budget

by Michael Teye-Bio NaduteyOctober 27, 2025
Prof Ahmed Abdulai Jinapor, Director-General GTEC
General News

GTEC Halts Proposed Fee Increments at Public Colleges of Education

by Evans Junior OwuOctober 27, 2025
GSE Records GH¢1.88m Turnover as Societe Generale Steals the Spotlight with 10% Jump
CETAG Threatens Nationwide Strike Over Unpaid Allowances
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.
Prof Ahmed Abdulai Jinapor, Director-General GTEC

Recent News

GSE Records GH¢1.88m Turnover as Societe Generale Steals the Spotlight with 10% Jump

GSE Records GH¢1.88m Turnover as Societe Generale Steals the Spotlight with 10% Jump

October 28, 2025
CETAG Threatens Nationwide Strike Over Unpaid Allowances

CETAG Threatens Nationwide Strike Over Unpaid Allowances

October 27, 2025
ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

ADB Delivers GH¢447m Pre-Tax Profit in Stunning Turnaround in Q3

October 27, 2025
Trump Rebuffs Putin’s Offer To Aid Israel-Iran Conflict Mediation

Putin Meets With North Korea’s Foreign Minister

October 27, 2025
Hon. Ato Forson proposed Nov. 13 for 2026 budget reading.

Finance Minister Proposes November 13 to Present 2026 Budget

October 27, 2025
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address