The Bank of Ghana has declared that the country’s financial inclusion agenda must move beyond simply providing access to services and focus instead on delivering real economic impact for individuals and businesses, especially those in the informal sector.
Speaking at the recent national policy dialogue on financial inclusion and social protection for the informal sector workers in Accra, Mr. Isaac Impraim of the Bank of Ghana said Ghana has made remarkable progress through digital transformation, particularly with the rise of mobile money, digital banking, and fintech solutions.
“We are no longer concerned with access alone. The priority now is to ensure that financial access translates into meaningful impact,” he stated.
In his opinion, the shift from costly physical branch expansion to digital solutions has transformed the financial landscape. While traditional branch networks once played a key role, they became expensive and difficult to sustain, especially in remote and underserved communities.
“Digital financial services made it possible to reach individuals and communities that traditional banking models could not effectively serve,” he noted.
Mr. Impraim spotlighted mobile money as the most transformative driver of inclusion in Ghana.
Citing data from the Ghana Demand Side Survey conducted by the Ministry of Finance in 2021, he said “mobile money has been the single most transformative tool of financial inclusion in Ghana,” significantly reducing financial exclusion and bringing more people into the formal financial ecosystem.
He explained that the focus is now shifting toward usage, quality, and impact, ensuring that available financial services are actively used to improve livelihoods, support businesses, and promote national economic growth.
One of the key developments, he said, is the use of digital footprints to improve access to credit. “Individuals no longer need to rely solely on traditional documentation. Their digital footprints can now provide valuable insights into their financial behaviour and capacity,” he explained.
This innovation allows financial institutions to use alternative data, such as mobile money transactions and digital payment histories, to assess creditworthiness, opening new opportunities for small businesses and informal sector workers.
For micro, small, and medium-sized enterprises, the growth of digital payments is proving equally significant. “These records are critical. They provide visibility to business activity and can support access to finance,” he said.
However, he acknowledged that awareness remains a major challenge, with many businesses still unaware of how digital transaction histories can strengthen their access to loans and financial services.
To address this, the Bank of Ghana is prioritizing financial literacy and consumer awareness under its National Payment Systems Strategy 2025–2029. Key focus areas include strengthening consumer protection, supporting women-led businesses, improving financial infrastructure, and leveraging open finance frameworks.
Mr. Impraim called for stronger collaboration among all stakeholders. “Together, we can build a financial system that is not only inclusive but also impactful and transformative,” he said.
By Theresa Kpordzo
