Slow Uptake of Digital Payments by Ghanaian Businesses Triggers Push for Policy Reforms—–A newly released report has revealed that only 37% of businesses in Ghana currently utilize digital payments, signaling a major gap in the country’s financial inclusion and digital transformation agenda.
The findings were published in a comprehensive study on the Adoption of Digital Financial Services by Business Firms in Ghana, conducted by Retail Finance Distribution (ReFinD) and the Institute for Statistical Social and Economic Research (ISSER), with support from the Ghana Statistical Service.
The report paints a fragmented picture of digital payment adoption across the country, with usage concentrated heavily in Greater Accra and other regional capitals. The agricultural sector, which employs a significant portion of Ghana’s workforce, showed the lowest uptake of digital payment systems, highlighting sector-specific barriers and missed opportunities in rural and informal economies.
A key insight from the study reveals that businesses led by female managers are significantly more likely to adopt merchant accounts and benefit from increased revenues, pointing to a strong correlation between gender-inclusive leadership and digital financial growth.
According to the research, knowledge gaps, security concerns, and a perceived lack of return on investment remain the top deterrents for businesses hesitant to go digital. Smaller firms, informal businesses, and those operating outside major urban centers are particularly disadvantaged by these systemic hurdles.
In response, the report calls on policymakers and regulators to design tailored interventions that promote digital payment solutions. Among its recommendations are the implementation of business-specific digital platforms, targeted education campaigns, enhanced fraud protection measures, and robust cybersecurity frameworks to build trust and usability.
Professor Peter Quartey, Director of ISSER, emphasized the broader implications of the findings: “Uncertainty in the business environment, coupled with high transaction costs and taxation, contributes to the slow uptake. However, digital financial inclusion remains one of the most powerful tools to bring the unbanked into the formal financial system.”
Delivering a keynote on behalf of the First Deputy Governor of the Bank of Ghana, Kwame Oppong, Director of Fintech and Innovation, highlighted the relevance of the report.
“Despite our progress in financial inclusion, persistent challenges remain particularly in digital and gender gaps. The insights from this study will be invaluable in crafting more inclusive and effective financial policies,” he said.
As Ghana pushes toward a digital economy, the findings offer a timely reminder of the urgent need to democratize access to financial technologies. Bridging the adoption divide could unlock significant economic benefits, especially for small and medium-sized enterprises and underserved communities.
Last Updated on April 10, 2025 by Senel Media
