In Ghana, access to financial services and products has grown from 58% in 2017 to 95% thanks to the use of mobile money.

This is according to the Ministry of Finance’s Demand Side Survey (DSS) 2021, which measures the levels of financial inclusion among people aged 15 years and older who have been formally served by banks and other financial institutions. The survey’s data will help set up public- and private-sector interventions that could improve financial inclusion. It was conducted in 16 regions across the country.

Noting that mobile money ‘drove the significant changes in the financial landscape of Ghana’, the survey says that the new technology is ‘a game changer in deepening inclusion and reducing financial exclusion’.

According to Business Ghana, the survey concluded that the increase surpassed the 85% target set by the government as part of its five-year National Financial Inclusion and Development Strategy, which is meant to increase the availability of a broader range of financial products for Ghanaians.

17 January 2023
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