Hawa Dramani, a petty trader in Benu Nkwanta, a rural community in the Sunyani East Municipality in the Bono Region, is frustrated by her inability to make digital payments in recent times.
She relies on mobile money payments but says there have been difficulties caused by poor mobile connectivity.
“When people want to send us goods, they struggle to reach us. We cannot rely on Mobile Money here because of poor network connectivity. In some cases, we could have easily paid for our goods using Mobile Money and had them delivered to us. However, since we are unable to use Mobile Money, we are forced to travel to Sunyani every time to collect our goods,” she explains.
Similarly, Rahinatu Dramani, another petty trader, emphasizes the broader implications of the connectivity issue.
“We are facing numerous challenges. When we run out of stock and need to order goods, we are unable to do so due to poor network connectivity. Additionally, this issue is impacting the teaching of ICT, as the lack of reliable mobile connectivity hinders effective instruction,” she shares.
For Rahinatu, reliable network connectivity is not just about business convenience but also educational advancement.
Financial technology (Fintech) has seamlessly woven itself into the fabric of Ghanaian daily life, bringing unparalleled convenience and efficiency to the way businesses and individuals transact using various digital payment platforms.
From buying groceries to paying utility bills, Fintech innovations have reshaped the way Ghanaians handle financial transactions, making life easier and faster.
A notable example of fintech’s impact is the rise of mobile money, a platform that has become an integral part of Ghana’s financial ecosystem.
Mobile Money’s widespread adoption highlights the growing importance of fintech in Ghana. According to the Bank of Ghana’s FinTech Sector Report for 2023, mobile money transactions witnessed tremendous growth, with their total value increasing by an impressive 82%.
Transactions reached GHS 1.91 trillion in 2023, up from GHS 1.07 trillion in 2022. This surge is also reflected in the number of active users, which climbed to 65.6 million in 2023. Such exponential growth demonstrates Mobile Money’s role as the most common fintech platform used by Ghanaians for financial transactions.
Despite these advancements, the transformative power of digital payments has not been universally felt, particularly in rural communities where infrastructural challenges persist. These areas often lack the robust mobile connectivity necessary to leverage Fintech solutions effectively.
The Benu Nkwanta community, with nearly a population of 500, mostly farmers and petty traders, is close to Sunyani, the Bono Regional capital, but residents face severe network connectivity challenges that hinder their ability to realize the full benefits of such a fintech solution.
The lack of connectivity in rural areas like Benu Nkwanta has far-reaching implications, not just for the community’s economic prospects but also for the nation’s broader goal of achieving financial inclusion.
Enoch Okomfo Okonah, an economist, underscores the importance of mobile money and connectivity in driving financial inclusion.
“Mobile money serves as a reliable bank account for communities without formal bank presence. It can be leveraged to deepen financial inclusion for the unbanked population. It is therefore imperative for countries to work towards bringing all citizens into the bankable population bracket to create the liquidity that the banking sector requires to support economic growth.
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