The latest Global Findex 2025 report by the World Bank has revealed a significant increase in formal borrowing in Ghana, with 22% of adults now borrowing from mobile money providers, up from previous years.
According to the report, the surge in mobile-based loans has been a key driver of Ghana’s formal borrowing growth between 2021 and 2024, contributing to a broader financial inclusion trend across Sub-Saharan Africa.
“In Ghana, the rise in borrowing through a mobile money account between 2021 and 2024 drove an overall increase in formal borrowing over that period,” the report stated.
Currently, 74% of borrowers in Ghana are classified as formal borrowers, indicating that a substantial number now access loans through regulated institutions or platforms, including mobile money services.
While the report found similar overall borrowing rates between men and women across Ghana, Kenya, and Uganda, it highlighted notable gender disparities in the use of mobile money loans.
In Ghana, women are 4 percentage points less likely than men to borrow from mobile money providers. The gender gap is even wider in Kenya and Uganda, at 16 and 13 percentage points, respectively.
Disparities in digital borrowing also exist along income lines. The report noted that adults from the poorest 40% of households are less likely to access loans through mobile money platforms compared to those from the wealthiest 60%.
For the first time, the Global Findex survey captured data on a new form of digital borrowing, loans obtained through mobile phones that do not involve a mobile money account or traditional financial institutions.
Only 1% of adults in low and middle-income economies reported borrowing exclusively through this method. However, Sub-Saharan Africa showed a higher concentration, with 3% of adults using this alternative digital credit channel.
Interestingly, all seven countries globally where at least 5% of adults reported using this form of borrowing are located in Sub-Saharan Africa.
Despite its growth potential, the World Bank cautioned that this form of borrowing is not yet considered “formal,” largely due to uncertainties about the identity of credit providers and the scale of regulation.
“Although this source of digital credit is one to watch, Global Findex 2025 does not include it in its definition of formal borrowing,” the report clarified.
The findings point to mobile money platforms playing an increasingly critical role in financial access and formal credit uptake, especially in countries like Ghana where mobile penetration continues to rise.
