ReFinD has launched Ghana’s first-ever census on digital financial services (DFS) adoption among businesses, marking a significant milestone in the country’s digital landscape. The landmark report -- Firms and Digital Payments: Evidence from Censal Microdata – is the result of a collaboration between ReFinD, ISSER and the Ghana Statistical Service (GSS). It offers an in-depth assessment of DFS adoption by over 1.9 million firms across Ghana.
Held under the theme Advancing Digital Payments for Businesses in Ghana, the launch event brought together stakeholders from fintech companies, regulatory bodies, industry associations, academia, policymaking institutions, the media, and student groups. This vibrant mix of participants set the tone for a dynamic discussion on the report’s findings and their relevance to Ghana’s digitisation and financial inclusion efforts.
“A resource for refining policy”
Delivering the keynote address on behalf of the First Deputy Governor of the Bank of Ghana, Mr Kwame Oppong, Director of Fintech and Innovation, commended the collaborative nature of the report and its value to policy development.
“This kind of collaboration is exactly what we need to advance policy and make practical impact,” he said.
While acknowledging Ghana’s progress in expanding financial inclusion, he noted that challenges remain, particularly in extending access to micro, small and medium enterprises (MSMEs) and closing the gender gap. “Reports like this are essential to guiding resource allocation and refining our approach to digital finance policy,” he added.
“A significant milestone” – ISSER Director
Prof. Peter Quartey, Director of ISSER and Executive Director of ReFinD, described the launch as “a significant milestone not only for ISSER and ReFinD but also for Ghana’s journey toward a more inclusive, efficient, and cash-light economy.”
He lauded the diversity of the audience and reiterated the commitment of ISSER and ReFinD to fostering meaningful engagement that supports evidence-based policymaking.
“We believe in undertaking cutting-edge research that informs policy,” he said. “And we believe in the three I’s – influence, inform, and inspire – which drive our collective determination to make digital finance work for all Ghanaians,” he added.
Using public data to shape policy and practice
Sharing key insights from the report, lead researcher and ReFinD affiliate Prof. Francis Annan highlighted the critical role of public data in shaping practical solutions.
“When we were having conversations about this project from the outset, there was a vision --how do you maximise the use of public data to advance not just research but also work with practitioners to really deepen our understanding of problems with real-world implications?” he said.
While digital payments are increasing, the report notes that cash remains the dominant mode of transaction, especially among informal and smaller firms. “Personal mobile money accounts remain the most widely used digital payment option, even among larger firms,” Prof. Annan added. “This reflects persistent barriers such as knowledge gaps, concerns about fraud, and a lack of clarity on return on investment.”
Panel: Learning from the past, innovating for the future
A panel discussion on the theme Advancing Digital Payments for Businesses in Ghana – Learning from the Past, Innovating for the Future enriched the event, with six distinguished panelists from industry and academia sharing perspectives and ideas on driving greater DFS adoption.
Panel members included Professor Peter Quartey; Mr Kwaku Tettey, Head of Real-Time Payments at GHIPSS; Ing. Dr Kenneth Ashigbey, CEO of the Ghana Chamber of Telecommunications and CEO of the Electronic Money Issuers Chamber of Ghana; Priscilla Hazel, CEO of Nsano; and Mr Shaibu Haruna, CEO of MTN Mobile Money Limited. The session was moderated by Dr Augustine Odam, Technology Consultant and Policy Advisor. A lively Q&A session followed, with active engagement from the audience.
The report was launched at ISSER on 8 April 2025.
Resources
Media Coverage
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Daily Graphic: 37% of businesses use digital payment system — Report
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Ghana News Agency (GNA): Digital Payment Adoption Remains Low Among Ghanaian Enterprises — Report