Accra: The rapid growth of digital finance in Ghana demands closer collaboration among banks, regulators, and customers to build trust and navigate risks, Mrs. Judith Haizel, Compliance Director at Absa Ghana LTD has said. She emphasized the importance of balancing innovation with effective risk management to maintain customer confidence in an evolving financial landscape.
According to Ghana News Agency, Mrs. Haizel highlighted the surge in mobile banking and digital wallets, like Mobile Money (MoMo), as well as the increasing interest in digital assets and central bank digital currencies, as key factors reshaping the financial sector. “It is not just about extending digital services but looking at the safety, reliability, and trust we can build, including efficiency in these services to those who need it,” Mrs. Haizel stated at a Thought Leadership Conference in Accra.
She emphasized the industry’s current position at a crossroads, requiring innovation while managing risks carefully. Mrs. Haizel called for responsible data management and self-regulation within the banking sector to complement oversight by the Bank of Ghana. Additionally, she stressed the importance of public education and the use of licensed financial service providers to ensure customer protection.
By March 2025, MoMo transactions in Ghana had reached GHS351.7 billion from 764 million transactions, with figures rising to GHS365 billion and 778 million transactions by April. Mobile money now accounts for over 97 percent of digital transaction volumes and 72 percent of transaction value, vastly outpacing bank digital channels. More than four million Ghanaians are accessing unsecured mobile loans.
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, noted that the country has established robust digital infrastructure for payments and transfers, supported by over 24.2 million active mobile money users, expanding fintech adoption, and consistent regulatory guidance. He emphasized the need for industry-led strategies to transition from access to value and from connectivity to capability.
Dr. Kwame Oppong, Director of FinTech and Innovation at the Bank of Ghana, underscored the influence of digital assets on financial systems and called for broader partnerships and regulatory innovation. He stressed that collaboration and adaptable frameworks are essential for the thriving of digital financial services.