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 said the surge in mobile banking, digital wallets like Mobile Money (MoMo), and rising interest in digital assets and central bank digital currencies is reshaping the financial landscape.
“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 told the Ghana News Agency at a Thought Leadership Conference in Accra.
She noted the industry stands at a crossroads—balancing innovation with effective risk management while maintaining customer confidence.
“We stand at a critical crossroad; on one hand, you have the factors for change, demanding that we innovate more and bring ideas onto the table. On the other hand, there is a need to be able to manage and rebuild all of this in a proper way,” she said.
Mrs. Haizel emphasised the need for banks to manage data responsibly throughout the digital journey and called for self-regulation within the sector to complement regulatory oversight by the Bank of Ghana.
She stressed the importance of public education and ensuring customers use licensed financial service providers.
“Putting our minds together, all of us working together, and all the players in the game working together as partners, I am sure that we will achieve the right outcomes,” she said.
As of March 2025, MoMo transactions totalled GHS351.7 billion from 764 million transactions.
By April, this rose to GHS365 billion and 778 million transactions, respectively.
Mobile money now processes over 97 per cent of digital transaction volumes and 72 per cent of value, compared to less than 1 per cent via bank digital channels. More than four million Ghanaians now access unsecured mobile loans.
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, noted that Ghana has established strong digital infrastructure for payments and transfers, supported by over 24.2 million active mobile money users, expanding fintech adoption, and consistent regulatory guidance.
He added that the next phase must transition from access to value and from connectivity to capability, saying, “This is where industry-led strategies become indispensable…”
Dr. Kwame Oppong, Director of FinTech and Innovation at the Bank of Ghana, highlighted the influence of digital assets on financial systems and urged broader partnerships and regulatory innovation.
He stressed that digital financial services could only thrive through collaboration and adaptable frameworks.
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