Ghana’s transition to a cash-light economy is gathering pace, with digital payment now accounting for between 50% and 60% of all financial transactions, according to Mr Abdul Razak Issaka-Ali, Chief Commercial and Operations Officer of Mobile Money Fintech Limited (MMFL).
Speaking in an interview, Issaka-Ali said Ghana’s digital finance ecosystem has evolved rapidly over the past decade, positioning the country among the world’s leading adopters of electronic payments.
Although cash continues to play a role in everyday commerce, Issaka-Ali said digital payment channels have become the preferred method for many consumers and businesses across Ghana.
“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.
He explained that Ghana’s success extends beyond the widespread use of mobile money, reflecting the development of a highly connected digital payments ecosystem that supports both individuals and businesses.
According to Issaka-Ali, the country’s progress has been driven by strong collaboration between financial institutions, payment service providers, fintech companies, the Ghana Interbank Payment and Settlement Systems (GhIPSS), and the Bank of Ghana.
He said this coordinated approach has made digital financial services more accessible, reliable, and secure while accelerating the adoption of electronic payments nationwide.
Issaka-Ali also revealed that international assessments rank Ghana among the top three countries globally for digital transactions as a share of Gross Domestic Product (GDP), highlighting the country’s rapid digital transformation.
“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 consumer convenience, Issaka-Ali noted that the growth of digital payments is helping transform the operations of small and medium-sized enterprises (SMEs).
He said merchant payment solutions are reducing the risks associated with handling cash, including theft and financial leakages, while giving business owners greater visibility over their daily transactions.
“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.
Issaka-Ali added that digital transaction records are creating new financing opportunities for entrepreneurs.
As more businesses adopt digital payment systems, financial institutions can increasingly assess creditworthiness using verified transaction histories instead of relying solely on traditional collateral requirements.
He said this shift is helping more small businesses access formal credit, supporting entrepreneurship and contributing to Ghana’s broader economic growth.
With digital payments continuing to expand across the country, Ghana is strengthening its position as one of Africa’s leading digital finance markets while laying the foundation for a more inclusive and efficient financial ecosystem.
