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Ghana’s former Vice President, Dr. Mahamudu Bawumia, has highlighted the country’s remarkable progress in digital financial services, describing it as the fastest expanding mobile money market in Africa.
Speaking at the Cambridge Africa Business Conference on Saturday, May 17, 2025, under the theme “Africa’s Digital Transformation: Building Resilient Economies Through Innovation,” Dr. Bawumia emphasized the crucial role of digital reforms in reshaping Ghana’s financial landscape. He pointed to mobile money interoperability as a transformative innovation that has redefined how Ghanaians access and use financial services.
“We asked ourselves why it wasn’t possible to send money across different mobile networks or link mobile money wallets directly to bank accounts. To solve that, we introduced a nationwide mobile money interoperability system across all telecom operators and banks,” he explained.
This development now allows users to transfer funds easily between mobile wallets and bank accounts, regardless of the service provider. Dr. Bawumia noted that this breakthrough has effectively turned mobile money wallets into functional bank accounts, enhancing access to financial services for millions.
“Ghana is the first country in Africa—and among a handful globally—to implement full interoperability between bank accounts and mobile wallets,” he added.
The impact has been significant. Financial inclusion among adults in Ghana has surpassed 90%, placing the country at the forefront of financial access on the continent.
“Today, every adult Ghanaian can own either a regular bank account or a mobile wallet that functions just like one,” he said.
Backing his statement with data, Dr. Bawumia mentioned that mobile money transactions in Ghana have increased by 40 times between 2017 and 2024. The country also boasts a fully integrated instant payment ecosystem and has received global recognition for its regulatory framework in mobile money operations.
Further highlighting Ghana’s digital innovation, he revealed that the country is one of only four globally—alongside Singapore, India, and China—to launch a nationwide universal QR Code payment system. This achievement places Ghana among the leaders in global digital payment solutions.
Dr. Bawumia concluded by saying that Ghana’s progress in digital finance is a benchmark for other African nations looking to broaden financial inclusion and modernize their economies through innovation.
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