Accra: Ghana's financial inclusion rate has reached 81 per cent, driven largely by mobile money agents and basic phone-based transactions, the Bank of Ghana has said. The central bank highlighted this achievement as a testament to how financial systems, designed around existing infrastructure, could significantly expand access to banking and digital services across developing economies.
According to Ghana News Agency, Mrs. Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, addressed the 2026 3i Africa Summit in Accra, emphasizing that Ghana's model demonstrated the feasibility of large-scale financial inclusion without the reliance on smartphones or internet connectivity. She noted that anyone could send money using just a basic phone and a USSD code, without needing an internet connection, smartphone, app, or data plan.
Mrs. Asiedu explained that the system, built on widespread mobile network access, has enabled millions of previously excluded individuals to engage in formal financial services, such as payments, savings, and insurance. She referenced World Bank data showing Ghana's financial inclusion rate at 81 per cent, attributing this success to system design tailored to technologies already in use by the population.
She further noted that Africa's digital financial future depends on deliberate investment in infrastructure that matches local conditions rather than relying on imported models requiring high-end devices. From Ghana's experience, she identified three core elements: utilizing basic mobile networks for financial transactions, expanding mobile money agent networks, and ensuring interoperability across service providers.
Mrs. Asiedu highlighted that basic mobile networks have allowed farmers, traders, and rural households to access formal financial services without smartphones, while agent networks remain crucial for cash access across Ghana. The interoperability between mobile money platforms has created a unified payments system, thereby strengthening digital finance as national infrastructure.
Regarding investment conditions, she emphasized the importance of predictable payment systems, clear regulatory frameworks, and strong consumer protections to attract capital into Africa's digital economy. She stated, "To attract more investment into Africa's digital economy, we must build the architecture that allows innovation to grow."
Mrs. Asiedu urged policymakers to prioritize implementation over policy formulation and stressed the need for functional digital infrastructure to enable large-scale economic participation. She expressed that Africa has strong potential for financial innovation but requires deeper system integration across countries to unlock scale.
In conclusion, she emphasized that trust is fundamental to any financial transaction, and coordination and discipline are crucial for building inclusive systems. "That is what building on Africa's terms looks like. And that's the foundation on which our digital future must be built," she remarked.