By: Nana Appiah Acquaye
Ghana's transition to a cash-light economy is gathering pace, with
digital payments now accounting for more than half of all financial
transactions, according to Chief Commercial & Operations
Officer of MobileMoney Fintech LTD (MMFL), Abdul Razak Issaka-Ali.
Speaking in a one-on-one interview with Benard Avle on Channel One
TV Abdul- Razak said the country's digital finance ecosystem has matured
significantly over the past decade, placing Ghana among the world's leading
adopters of digital payments.
He noted that while cash remains part of everyday commerce, digital
payment channels have become the preferred option for many consumers and
businesses.
"If you look at digital payments versus cash, we estimate that
Ghana is now about a 50 to 60 per cent cash-light economy. We have made
significant progress, but there is still room for growth," he said.
According to him, Ghana's progress extends beyond the widespread
use of mobile money.
He explained that collaboration between financial institutions,
payment service providers, the Ghana Interbank Payment and Settlement Systems
(GhIPSS), fintech companies and the Bank of Ghana has created an ecosystem that
is making digital transactions more accessible, reliable and secure.
Issaka-Ali disclosed that international analysis ranks Ghana among
the top three countries globally for digital transactions as a share of Gross
Domestic Product (GDP), reflecting the country's rapid adoption of electronic
payments.
"The achievement is not the work of one institution. It is the
result of an entire payments ecosystem working together to make digital
financial services accessible to more Ghanaians," he said.
Beyond convenience, Issaka-Ali said digital payments are helping
thousands of small businesses improve the way they operate.
He observed that many SMEs previously struggled with cash
management, revenue leakages and theft. However, merchant payment solutions now
enable business owners to monitor transactions in real time while reducing the
risks associated with handling physical cash.
"We have developed solutions that allow
business owners to have full visibility over payments while limiting direct
access to business funds. This improves
accountability and gives entrepreneurs greater confidence in managing their
businesses," he explained.
He added that digital financial records are also creating new
opportunities for entrepreneurs to access credit.
Unlike traditional lending models that relied heavily on
collateral, digital transaction histories now provide financial institutions
with alternative ways to assess customers, making it easier for many small
businesses to secure working capital.
