Ghana is the fastest growing mobile money market in Africa – Bawumia

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

Dr. Bawumia spoke at the Cambridge Africa Business Conference on May 17, 2025. The conference focused on "Africa’s Digital Transformation: Building Resilient Economies Through Innovation." He highlighted mobile money interoperability as a key factor in transforming finance.

He explained that they asked why mobile money couldn't be sent across different companies. They 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.

Thanks to MMI, Ghanaians can now send funds between mobile wallets and bank accounts easily. This change has made mobile wallets act like bank accounts, improving access to financial services significantly.

Dr. Bawumia noted that Ghana is the first African country to achieve this interoperability. It is also one of the few countries worldwide with such a system. As a result, over 90% of Ghana's adult population now has access to financial services.

He stated that every adult Ghanaian can have either a traditional bank account or a mobile money account that functions like one. Between 2017 and 2024, Ghana saw a 40-fold increase in mobile money transactions.

The country also has a fully interoperable instant payment system and is recognized globally for its regulation of mobile money. Additionally, Ghana is one of only four countries—alongside Singapore, India, and China—to implement a universal QR Code payment system.

These achievements place Ghana at the forefront of global digital payment innovations. Dr. Bawumia believes Ghana serves as a model for other African nations seeking to enhance financial inclusion and modernize their economies.