BoG credits digital payments for boosting financial access in Ghana

Financial inclusion in Ghana has expanded significantly, driven largely by the rapid growth of digital financial services, especially mobile money. The Bank of Ghana (BoG) noted that access to financial services reached 96 per cent of the population in 2021, marking a major milestone attributed to regulatory reforms and innovative digital payment solutions.

In its Payment Systems Oversight Annual Report 2024, the BoG said these gains were supported by national initiatives such as the National Payment Systems Strategic Plan (2019–2024), the National Financial Inclusion and Development Strategy (2018–2023), and the Cash-lite roadmap, implemented in collaboration with the Ministry of Finance to strengthen regulation, modernise payment systems, and expand digital finance infrastructure.

To deepen inclusion, the BoG expanded agency banking, promoted digital lending, supported fintech innovation, and scaled up financial literacy programmes. One such initiative was a financial education campaign in the Central, Volta, and Eastern Regions, which improved understanding of savings, credit, investments, and insurance through school and community engagements, with about 500 educational materials distributed.

Despite challenges such as limited time and varying financial knowledge levels, the BoG described the initiative as impactful and said it plans follow-up programmes, including training on cybersecurity and fraud prevention, to support long-term community empowerment.