Former Vice President of Ghana, Dr Mahamudu Bawumia, has extolled the nation\u2019s strides in digital financial services, describing Ghana as the fastest-growing mobile money market on the African continent.<\/p>\n
Delivering an address at the Cambridge Africa Business Conference on Saturday, 17th May 2025, under the theme \u201cAfrica\u2019s Digital Transformation: Building Resilient Economies Through Innovation,\u201d Dr Bawumia underscored the transformative impact of digital reforms in the financial sector, with mobile money interoperability at the centre of the success story.<\/p>\n
\u201cWe asked the questions: why can\u2019t we make it possible to send mobile money across different telephone companies and also why can\u2019t the mobile money account function like a bank account by making it interoperable with bank accounts? The answer to these questions was the implementation of groundbreaking mobile money interoperability (MMI) across all banks and telcos,\u201d he explained.<\/p>\n
According to Dr Bawumia, the implementation of the MMI has enabled seamless fund transfers between mobile money wallets and bank accounts, regardless of the service provider.<\/p>\n
\u201cThis,\u201d he observed, \u201chas practically turned mobile money wallets into bank accounts, drastically improving access to financial services.\u201d<\/p>\n
He emphasised that Ghana remains the first African nation\u2014and one of the very few globally\u2014to attain full interoperability between bank accounts and mobile money wallets.<\/p>\n
\u201cGhana is the first country in Africa and one of a very few in the world to achieve this type of interoperability between bank accounts and mobile wallets,\u201d Dr Bawumia stated.<\/p>\n
This pioneering move, he revealed, has led to over 90 percent financial inclusion among the country\u2019s adult population, placing Ghana at the apex of Africa\u2019s financial accessibility rankings.<\/p>\n
\u201cEvery adult Ghanaian can either get a traditional bank account or a mobile money account which works like a bank account,\u201d he noted.<\/p>\n
Referencing empirical data, Dr Bawumia disclosed that mobile money transactions in Ghana have surged fortyfold between 2017 and 2024.<\/p>\n
The country, he added, now possesses a fully interoperable instant payment system and has gained international acclaim for its regulatory framework in the mobile money space.<\/p>\n
Further highlighting Ghana\u2019s digital credentials, he noted that the country is one of only four globally\u2014alongside Singapore, India, and China\u2014to roll out a universal QR code payment system, thereby positioning itself as a global leader in digital payment innovation.<\/p>\n
With these milestones, Dr Bawumia declared, \u201cGhana is firmly placed on the digital transformation map and serves as a model for other African nations aiming to expand financial inclusion and modernise their economies.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Former Vice President of Ghana, Dr Mahamudu Bawumia, has extolled the nation\u2019s strides in digital financial services, describing Ghana as the fastest-growing mobile money market on the African continent. Delivering an address at the Cambridge Africa Business Conference on Saturday, 17th May 2025, under the theme \u201cAfrica\u2019s Digital Transformation: Building Resilient Economies Through Innovation,\u201d Dr […]<\/p>\n","protected":false},"author":123457,"featured_media":11049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[3525,3507],"tags":[54,3544],"class_list":["post-11048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-national","tag-dr-mahamudu-bawumia","tag-mobile-money-market"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11048","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/123457"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11048"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11048\/revisions"}],"predecessor-version":[{"id":11050,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/11048\/revisions\/11050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/11049"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11048"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11048"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11048"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}