Ghana Among the World’s Leading Users of Digital Payment Systems ― Abdul Razak Issaka-Ali

International analysis ranks Ghana among the top three countries globally for digital financial transactions, as the country attains about a 50 to 60 per cent cash-light economy status, Mr Abdul Razak Issaka-Ali, Chief Commercial & Operations Officer, MobileMoney Fintech Ltd. (MMFL), has disclosed.  

Mr Issaka-Ali noted that even though cash remained part of everyday commerce, digital payment channels had become the preferred option for many consumers and businesses in Ghana.

To that effect, Mr Issaka-Ali said, the country’s digital finance ecosystem had matured significantly over the past decade, with digital payments now accounting for more than half of all financial transactions, placing Ghana among the world’s leading users of digital payment systems.

He was speaking in a one-on-one interview with Benard Avle on Channel One TV in Accra. 

Mr Issaka-Ali attributed the success of digital transactions becoming more accessible, reliable and secure to the collaboration between financial institutions, payment service providers, the Ghana Interbank Payment and Settlement Systems, fintech companies and the Bank of Ghana in creating an enabling environment for it.

He disclosed that international analysis ranked 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 payment systems.

Beyond convenience, Mr Issaka-Ali noted that digital payments were helping thousands of small businesses improve the way they operated.

He explained that many SMEs had previously struggled with cash management, revenue leakages and theft, but with the development of merchant payment solutions, business owners were now being enabled to monitor transactions in real time, while reducing the risks associated with handling fiscal cash.

Besides, Mr Issaka-Ali said, digital financial records were also creating new opportunities for entrepreneurs to access credit, noting that unlike traditional lending models that relied heavily on collateral, digital transaction histories now provided financial institutions with alternative ways to assess customers, making it easier for many small businesses to secure working capital.

Source: G.D. Zaney, Esq.