Interoperability, digital payment systems drive financial inclusion to 97%

Ghana's Mobile Money (Momo) service, launched in 2010, became more accessible with the introduction of Mobile Money Interoperability (MMI) in 2018, allowing seamless transfers across different telecom networks.

This move drastically increased digital payments, especially during the pandemic, with transactions surging by over 500% in 2020.

Interoperability has been key in advancing financial inclusion, enabling easier access to financial services across the country, particularly in remote areas. As of 2024, Momo accounts reached 71.9 million, with 23.3 million active users. However, challenges such as fraud, financial illiteracy, and access to power persist.

Opportunities lie in leveraging data to improve credit scoring and financial literacy, while collaboration and digital public infrastructure can extend financial access and inclusion further.