The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has emphasized the importance of a balanced and inclusive approach as African nations advance toward a cashless economy.
Speaking at the opening of the Merian Institute of Advanced Studies in Africa’s (MIASA) 12th Interdisciplinary Fellow Group (IFG12) conference in Accra, he highlighted the need to accommodate both cash and digital payment options to ensure financial inclusivity, particularly for the unbanked and less digitally literate populations.
“Let us not restrict people to only one form of payment. Cash and digital payments should coexist to ensure financial inclusivity and resilience,” Prof. Quartey said.
He noted that while digital payments are on the rise, cash remains essential for many, especially in areas with limited digital infrastructure.
The conference, themed “Cash in Crisis in Africa: Navigating Financial Realities in Times of Disruption,” explored the dynamics between policy frameworks and crises in shaping the accessibility and utilization of cash in an increasingly digitized society.
Highlighting the growth of digital finance, Prof. Quartey referenced the 2024 GSMA report, which indicated that mobile money users reached 1.7 billion in 2023, marking a 12% increase over the previous year.
He acknowledged the significance of this growth but cautioned against overlooking the persistent challenges in reaching underserved populations.
Mr. Fabio Knumann, representing the Deutsche Bundesbank, also emphasized the foundational role of cash in many African economies, citing its reliability and immediate usability amid limited digital infrastructure.
He warned against the global decline in cash infrastructure, which could marginalize vulnerable groups.
Nonetheless, the conference underscored the need for collaborative, inclusive, and context-sensitive solutions that maintained the resilience of cash systems while embracing digital innovation.
