Former Vice President Dr. Mahamudu Bawumia has hailed Ghana’s progress in digital financial services, declaring the country as the fastest growing mobile money market on the African continent.
Speaking on the impact of key digital reforms at the Cambridge Africa Business Conference themed ‘Africa’s Digital Transformation: Building Resilient Economies Through Innovation,’ Saturday May 17, 2025, Dr. Bawumia credited mobile money interoperability as the game-changer that transformed the financial landscape.
“We asked the questions: why can’t we make it possible to send mobile money across different telephone companies and also why can’t the mobile money account function like a bank account by making it interoperable with bank accounts? The answer to these questions was the implementation of groundbreaking mobile money interoperability (MMI) across all banks and telcos,” he explained.
Following the introduction of the MMI, Ghanaians can now seamlessly send funds between mobile money accounts and bank accounts, regardless of the service provider. This, he said, has practically turned mobile money wallets into bank accounts, drastically improving access to financial services.
“Ghana is the first country in Africa and one of a very few in the world to achieve this type of interoperability between bank accounts and mobile wallets,” Dr. Bawumia stated.
The success of this initiative has led to over 90% financial inclusion among Ghana’s adult population, placing the country at the top of Africa’s financial access rankings.
“Every adult Ghanaian can either get a traditional bank account or a mobile money account which works like a bank account,” he noted.
Citing data trends, Dr. Bawumia revealed that Ghana has experienced a 40-fold increase in mobile money transactions between 2017 and 2024. The country also boasts a fully interoperable multiple instant payment system and has been globally recognised for excellence in mobile money regulation.
Adding to these milestones, Ghana is among only four countries in the world—alongside Singapore, India, and China—to implement a universal QR Code payment system, positioning it at the forefront of global digital payment innovations.
With these achievements, Dr. Bawumia said Ghana is firmly placed on the digital transformation map and serves as a model for other African nations aiming to expand financial inclusion and modernize their economies.
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