Ghana has emerged as one of the world’s leading cash-light economies, with digital payments now accounting for between 50 and 60 per cent of all financial transactions, according to the Chief Commercial & Operations Officer of MobileMoney Fintech LTD (MMFL), Abdul Razak Issaka-Ali.
Speaking in a one-on-one interview with Bernard Avle on Channel One TV, Abdul Razak said Ghana’s digital finance ecosystem has witnessed remarkable growth over the past decade, positioning the country among the top three cash-light economies globally.
He attributed the transformation to the rapid adoption of digital payment solutions, noting that the shift reflects growing public confidence in electronic transactions and the country’s expanding financial inclusion agenda.
Stressing that while cash remains part of everyday commerce, digital payment channels have become the preferred option for many consumers and businesses.
“If you look at digital payments versus cash, we estimate that Ghana is now about a 50 to 60 per cent cash-light economy. We have made significant progress, but there is still room for growth,” he said.
According to him, Ghana’s progress extends beyond the widespread use of mobile money. He explained that collaboration between financial institutions, payment service providers, the Ghana Interbank Payment and Settlement Systems (GhIPSS), fintech companies and the Bank of Ghana has created an ecosystem that is making digital transactions more accessible, reliable and secure.
Issaka-Ali disclosed that international analysis ranks Ghana among the top three countries globally for digital transactions as a share of Gross Domestic Product (GDP), reflecting the country’s rapid adoption of electronic payments.
“The achievement is not the work of one institution. It is the result of an entire payments ecosystem working together to make digital financial services accessible to more Ghanaians,” he said.
Beyond convenience, Issaka-Ali said digital payments are helping thousands of small businesses improve the way they operate.
He observed that many SMEs previously struggled with cash management, revenue leakages and theft. However, merchant payment solutions now enable business owners to monitor transactions in real time while reducing the risks associated with handling physical cash.
“We have developed solutions that allow business owners to have full visibility over payments while limiting direct access to business funds. This improves accountability and gives entrepreneurs greater confidence in managing their businesses,” he explained.
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He added that digital financial records are also creating new opportunities for entrepreneurs to access credit.
Unlike traditional lending models that relied heavily on collateral, digital transaction histories now provide financial institutions with alternative ways to assess customers, making it easier for many small businesses to secure working capital.
About MobileMoney Fintech LTD
MobileMoney Fintech LTD is a private limited liability company responsible for mobile financial services. Launched in 2009, the company has more than 17 million registered subscribers. It offers a range of mobile financial services, including payment solutions, remittance, BankTech, InsurTech, and savings and loans, aimed at driving financial inclusion and economic empowerment.
