Ghana’s transition to a cash-light economy is gathering momentum, with digital payments now accounting for more than half of all financial transactions in the country, according to Chief Commercial & Operations Officer of MobileMoney Fintech LTD (MMFL), Abdul Razak Issaka-Ali.
Speaking in a one-on-one interview with Benard Avle on Channel One TV Abdul- Razak said the country’s digital finance ecosystem has matured significantly over the past decade, placing Ghana among the world’s leading adopters of digital payments.
He noted that while cash remains part of everyday commerce, digital payment channels have become the preferred option for many consumers and businesses.
“If you look at digital payments versus cash, we estimate that Ghana is now about a 50 to 60 per cent cash-light economy. We have made significant progress, but there is still room for growth,” he said.
According to him, Ghana’s progress extends beyond the widespread use of mobile money.
He explained that collaboration between financial institutions, payment service providers, the Ghana Interbank Payment and Settlement Systems (GhIPSS), fintech companies and the Bank of Ghana has created an ecosystem that is making digital transactions more accessible, reliable and secure.
Issaka-Ali disclosed that international analysis ranks Ghana among the top three countries globally for digital transactions as a share of Gross Domestic Product (GDP), reflecting the country’s rapid adoption of electronic payments.
“The achievement is not the work of one institution. It is the result of an entire payments ecosystem working together to make digital financial services accessible to more Ghanaians,” he said.
Beyond convenience, Issaka-Ali said digital payments are helping thousands of small businesses improve the way they operate.
He observed that many SMEs previously struggled with cash management, revenue leakages and theft. However, merchant payment solutions now enable business owners to monitor transactions in real time while reducing the risks associated with handling physical cash.
“We have developed solutions that allow business owners to have full visibility over payments while limiting direct access to business funds. This improves accountability and gives entrepreneurs greater confidence in managing their businesses,” he explained.
He added that digital financial records are also creating new opportunities for entrepreneurs to access credit.
Unlike traditional lending models that relied heavily on collateral, digital transaction histories now provide financial institutions with alternative ways to assess customers, making it easier for many small businesses to secure working capital.
