Bawumia lauds Ghana as Africa’s fastest-growing mobile money market

Former Vice President of Ghana, Dr. Mahamudu Bawumia, praised the country's digital financial services. He called Ghana the fastest-growing mobile money market in Africa.

Dr. Bawumia spoke at the Cambridge Africa Business Conference on May 17, 2025. The theme was “Africa’s Digital Transformation: Building Resilient Economies Through Innovation.” He highlighted how digital reforms transformed the financial sector, focusing on mobile money interoperability.

He asked why mobile money couldn't be sent across different companies. He also questioned why mobile money accounts couldn't function like bank accounts. The answer was implementing groundbreaking mobile money interoperability (MMI) among banks and telecoms.

Dr. Bawumia explained that MMI allows seamless fund transfers between wallets and bank accounts. This has turned mobile wallets into bank accounts, improving access to financial services.

He noted that Ghana is the first African nation to achieve full interoperability between bank accounts and mobile wallets. This achievement places Ghana among a few countries globally with such capabilities.

This innovation has led to over 90 percent financial inclusion for adults in Ghana. Every adult can have either a traditional bank account or a mobile money account that functions like one.

Dr. Bawumia shared data showing that mobile money transactions surged fortyfold from 2017 to 2024. Ghana now has a fully interoperable instant payment system and is recognized internationally for its regulatory framework in mobile money.

He also mentioned that Ghana is one of only four countries worldwide—alongside Singapore, India, and China—to implement a universal QR code payment system. This positions Ghana as a leader in digital payment innovation.

With these achievements, Dr. Bawumia stated that “Ghana is firmly placed on the digital transformation map.” He believes it serves as a model for other African nations seeking to enhance financial inclusion and modernize their economies.