The Bank of Ghana (BoG) asserts that mobile money transaction histories should enable access to loans and insurance for informal workers. Elhanan Owureku Asare, Head of Fintech and Innovation at the Bank of Ghana, stated this represents the next frontier for digital finance in Ghana. This aims to move beyond simple money transfers towards a more comprehensive financial health ecosystem.
Ghana has made significant strides in financial inclusion. Still, Mr. Asare believes the focus must shift to financial health. Mobile money wallets should become a pathway for small traders and informal workers to access services traditionally offered by banks. This includes loans and insurance, making financial tools available to a wider segment of the population.
This initiative aligns with Ghana's broader economic goal of digital transformation and improved financial access. The BoG's 2024 Payment Systems Oversight Annual Report highlights substantial growth in digital transactions. Payment service providers processed approximately 8.1 billion transactions in 2024, valued at GHS 3 trillion. This represents a 19% increase in volume and a 58% rise in value from 2023 figures.
Mr. Asare articulated his vision in a documentary ahead of the maiden Digital Economy Forum. He emphasized that mobile money users should gain confidence that their transaction history will facilitate access to funds and insurance when needed. He said, "We have to get to a point where if I need funds, just like the way if I have a bank account and I need funds, I can apply for a loan, the woman selling tomatoes by the roadside should be able to say that because I have MTN Mobile Money wallets or Telecel Cash wallets, I will be able to access a loan from there."
The successful implementation of this vision heavily relies on building and maintaining public trust. Consumers must trust the digital system to prevent fraud and protect their funds. Without this confidence, users might revert to cash transactions, hindering the development of digital financial histories.
However, fraud remains a significant concern, threatening public confidence in digital channels. The Bank of Ghana's 2024 fraud report recorded 16,733 fraud cases, an increase from 15,865 in 2023. The total value at risk rose by 13% from GHS 88 million to GHS 99 million in the same period. Payment service providers accounted for the majority of these incidents, with 15,673 electronic fraud cases in 2024.
Mr. Asare stressed that customer protection is paramount for the growth of digital finance. He warned that frequent fraud could impact public confidence and broader financial stability. Effective authentication tools and robust oversight are crucial to safeguarding customers and ensuring the continued adoption of digital financial services. Decision-makers must prioritize strong regulatory frameworks and consumer education to foster trust and unlock the full potential of mobile money for national economic development.