Editorial: Attaining universal financial inclusion possible through digitisation

The country’s growing reliance on mobile money for daily financial transactions has again been exhibited with the total value of mobile money transactions reaching GH¢3.01trillion in 2024, according to the Bank of Ghana’s 2024 Payment Systems Oversight Annual Report.

This figure represents a 56.8 percent increase over the GH¢1.92trillion recorded in 2023. According to the Bank of Ghana, the composition of transaction values remained largely unchanged from previous years.

Transaction volumes also rose sharply. Total volumes increased by 18.9 percent to 8.1 billion transactions in 2024, up from 6.8 billion in 2023. This growth reflects the increasing use of mobile money for frequent, low-value payments.

According to Bank of Ghana data, the momentum continued into 2025. In the first ten months of the year, mobile money transactions reached GH¢3.6trillion covering the period from January to October.

Mobile banking transactions also expanded significantly. The total value of mobile banking transactions grew to GH¢165billion in 2024 from GH¢80.4billion in 2023.

The Bank of Ghana attributed the growth in internet and mobile banking to introduction of new digital banking services by some banks in 2024, as well as rising customer demand across the sector.

Ghana has made significant strides in financial inclusion – primarily driven by the rapid adoption and innovation of digital financial services (DFS), particularly mobile money. The World Bank’s fourth economic update for the country observed that the financial sector had grown rapidly since 2010, increasing access to formal financial services.

However, the report points out that financial access across regions and demographics is still low, particularly among women, poor and rural citizens. “Universal financial access is an attainable target in Ghana with the use of innovative technology and approaches,” said Carlos Vicente, World Bank Senior Financial Sector Economist and co-author of the economic update.

Government and the Bank of Ghana have implemented policies to create a highly digitised payment system, moving the country toward a cash-lite economy.

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