Bawumia Tells Cambridge Biz Forum: MOMO Has Changed Ghana's Economy ...Has Brought Banking Services To The Unbanked

Former Vice President Dr. Mahamudu Bawumia spoke about digital technology's impact on financial inclusion. He explained how mobile technology has provided banking services to many unbanked Ghanaians.

At the Cambridge Africa Business Conference, he emphasized that digital transformation is crucial for Africa’s development. He shared Ghana’s digital journey, which has reduced inefficiencies in public administration.

Dr. Bawumia highlighted reforms like digital land records and e-pharmacy systems. These changes have improved service delivery and saved millions in public funds. “When you digitalize, you formalise,” he stated.

A key point was Ghana’s mobile money interoperability platform. This platform allows seamless transfers between mobile wallets and bank accounts. It has broken down barriers to financial inclusion.

He addressed financial exclusion among youth and informal sector workers. Mobile technology has brought banking services to millions of unbanked Ghanaians. These innovations are vital for building economic resilience against global shocks.

Dr. Bawumia declared, “Africa’s time is now.” He believes the continent can lead in innovation with committed leadership and tech-driven reforms. Using Ghana as an example, he noted improvements in government transparency and service access.

He mentioned the national digital property address system and the Ghana Card as unique identifiers. The interoperability system connects financial institutions with telecoms for better efficiency.

Digital platforms help governments collect revenue efficiently and deliver social interventions accurately. They also combat corruption through traceable transactions. “When the systems work,” he said, “the people benefit.”

His remarks focused on building trust in public institutions using smart technology. Dr. Bawumia stressed the need for Africa to create homegrown digital solutions. “We cannot rely on imported systems that do not understand our unique challenges,” he warned.

He encouraged entrepreneurs and developers to drive African innovation forward. He pledged Ghana’s support for regional tech collaboration throughout the conference.

Attendees praised Dr. Bawumia’s clarity, energy, and vision during his speech. His message that digital transformation is a necessity resonated with students, scholars, and professionals present.

Dr. Bawumia acknowledged ongoing challenges like infrastructure gaps and digital literacy disparities. He also noted the need for more investment in cybersecurity but remained optimistic: “These are not roadblocks—they are simply the next hurdles to overcome.”