Ghana’s economy has become between 50 and 60 % cash-light, marking a major milestone in the country’s digital transformation, with electronic payments now accounting for more than half of all financial transactions, Chief Commercial and Operations Officer of MobileMoney Fintech LTD (MMFL), Abdul Razak Issaka-Ali, has disclosed.
He said Ghana’s digital finance ecosystem has evolved rapidly over the past decade, positioning the country among the world’s leading adopters of digital payment systems and significantly reducing reliance on physical cash for everyday transactions.
Speaking on the country’s progress in digital finance, Issaka-Ali said although cash continues to play a role in commerce, digital payment channels have become the preferred means of payment for millions of consumers and businesses.
“If you look at digital payments versus cash, we estimate that Ghana is now about a 50 to 60 % cash-light economy. We have made significant progress, but there is still room for growth,” he stated.
He attributed the transformation to strong collaboration among the Bank of Ghana, Ghana Interbank Payment and Settlement Systems (GhIPSS), banks, fintech companies, payment service providers and mobile money operators, whose combined efforts have built a secure, reliable and accessible digital payments ecosystem.
According to him, Ghana’s success extends far beyond the rapid growth of mobile money, with continuous investments in interoperability and digital financial infrastructure making electronic transactions seamless across multiple payment platforms.
Issaka-Ali revealed that international assessments now rank Ghana among the top three countries globally in terms of digital transactions as a proportion of Gross Domestic Product (GDP), reflecting the country’s remarkable progress in adopting 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.
He explained that the expansion of digital payments is producing tangible benefits for businesses, particularly small and medium-sized enterprises (SMEs), by improving financial management and reducing operational risks.
According to him, many businesses previously faced persistent challenges associated with cash handling, including theft, revenue leakages and weak financial controls.
However, merchant payment solutions now enable business owners to monitor transactions in real time, improve accountability and maintain greater oversight of their finances without relying heavily on 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.
Issaka-Ali further noted that the growing use of digital payments is reshaping access to finance for entrepreneurs.
He said digital transaction histories are increasingly serving as credible financial records that allow banks and other financial institutions to assess the creditworthiness of businesses, reducing dependence on traditional collateral-based lending.
According to him, this alternative approach to credit assessment is opening new financing opportunities for thousands of small businesses, enabling them to obtain working capital and expand their operations.
He stressed that while Ghana has made significant strides towards becoming a cash-light economy, continued innovation, collaboration and investment in digital financial infrastructure will be essential to deepen financial inclusion, support economic growth and accelerate the country’s transition to a fully digital economy.
