Just 37% of businesses in Ghana accept or use digital payments, with agriculture firms showing the lowest adoption rates, according to a new report on digital financial services by ReFinD and ISSER, supported by the Ghana Statistical Service.
Zoom in
- Adoption is concentrated in Greater Accra and other regional capitals.
- Firms led by female managers show higher revenues and are more likely to adopt merchant accounts.
- Small firms, informal businesses, and rural enterprises lag behind in usage.
What’s holding them back:
- Knowledge gaps about digital tools
- Fraud concerns
- Perceived lack of returns on digital investments
Recommendations
The report urges policymakers to:
- Educate firms on the benefits of digital payments
- Strengthen cybersecurity to build trust
- Incentivize adoption through sector-specific solutions
- Tackle structural issues like tax burdens and infrastructure gaps
What they’re saying
“Uncertainty in the business environment, cost, and taxation are major hurdles,” said Prof. Peter Quartey, Director of ISSER.
“But leveraging digital financial inclusion is one of the surest ways to include the unbanked.”
Why it matters
Delivering a keynote on behalf of the First Deputy Governor of the Bank of Ghana, Kwame Oppong, Director of Fintech and Innovation, stressed that the findings will guide policy decisions to deepen financial inclusion.
“Despite progress, gaps remain—especially in gender and digital access,” Oppong said. “This report is timely and essential for crafting more effective solutions.”
Source: Citinews
