Ghana is making significant headway in its attempt to ensure that all citizens are captured in the formal financial space, as the latest figures have revealed that financial inclusion in the country has significantly improved to 81%.
This is a whopping 13 percentage point increment within a period of just 4 years. According to the Global Findex Report, Ghana’s digital financial inclusion in 2021 stood at 68%.
However, the 2025 Global Findex Report reveals a massive growth, hitting 81%.
Given this significant growth, the obvious question many will ask is, “What drove this progress in the country’s financial inclusion?” The answers are found in the 2025 KPMG West Africa Banking Industry Customer Experience Survey.
The survey reveals that the wave of Mobile money’s expansion played a key role in this progress. The latest data from the Bank of Ghana Financial and Economic Data reveals that both registered Momo accounts and active accounts, the number of transactions, and the value of transactions continue to record significant month-on-month growth.
For instance, as of December 2025, registered Momo accounts stood at a whopping 80.5million. Active accounts stood at 26.7 million, and the number of transactions for the month hit 982 million. The value of transactions for the month of December rose to GHC518 billion.
Aside from the massive expansion of Momo, KPMG recognizes that digital onboarding and interoperability systems played a critical role in the expanding financial inclusion in the country.
The impact of the Bank of Ghana cannot be underestimated in the progress. The survey reveals that the leadership of the BoG provided regulatory leadership and played a central role. Moreover, innovation as such as eKYC and digital ID systems implemented in the country have enabled the uncovered to be covered.
Noteworthy in this progress is the ease with which people can open bank accounts today, unlike previous years, when opening accounts with banks was virtually a herculean task and a privilege for the affluent.
“Ghana has made significant progress in digital financial inclusion. According to the 2025 Global Findex Report, financial inclusion now stands at 81%, up from 68% in 2021,” the report indicated.
It continued, “Mobile money, digital onboarding, and interoperable payment infrastructure, supported by strong regulatory leadership from the Bank of Ghana, have played a central role in this progress. Initiatives such as eKYC, digital ID systems, and early open banking frameworks have lowered barriers to entry and expanded access to formal financial services.”
Despite the growth in the country’s financial inclusion, loyalty is not guaranteed. Customers easily shift from one service provider to another. According to the survey, the determining factor for loyalty, as expectations rise quickly, is the reliability of service.
This means gone are the days when the number of channels attracted customers. For now, how reliable a service provider’s service is determines the loyalty of customers.
“Inclusion alone no longer guarantees engagement. As more customers become digitally enabled, expectations are rising just as quickly. Customers now judge financial institutions not on the number of channels available, but on how reliably those channels perform in moments that matter,” the KPMG survey indicated.
This growth in financial inclusion, although it is welcoming for the economy, places the huge responsibility on banks and financial service providers to provide reliable service to keep customers.
