Digital Financial Services fuel Ghana’s financial inclusion expansion – BoG

The Bank of Ghana (BoG) has reported significant progress in financial inclusion in recent years, largely driven by the rapid adoption of Digital Financial Services (DFS), particularly mobile money platforms.

According to the central bank, the implementation of the National Payment Systems Strategic Plan (NPSS) from 2019 to 2024 played a key role in accelerating financial inclusion. In addition, BoG worked closely with the Ministry of Finance to roll out the National Financial Inclusion and Development Strategy (NFIDS) for 2018–2023, alongside the Cash-lite Roadmap.

These initiatives were designed to strengthen governance, support fintech innovation and establish enabling regulatory frameworks to expand digital financial services infrastructure nationwide. BoG noted that the impact of these measures became especially evident in 2021, a milestone year in which access to financial services reached 96 per cent of the population.

“This remarkable progress, underpinned by streamlined regulations and innovative digital financial services, established a solid foundation for sustained growth and deeper financial inclusion in subsequent years,” the BoG stated in its Payment Systems Oversight 2024 Annual Report.

The central bank added that further policy measures were introduced to support its strategic objectives and guide ongoing efforts to build a more inclusive, resilient and forward-looking payments ecosystem.

Key initiatives highlighted in the report include financial literacy campaigns, programmes to empower women in technology, the expansion of agency banking services and growth in digital lending.

As part of these efforts, the Financial Inclusion and Consumer Education Office carried out financial literacy campaigns across the Central, Volta and Eastern Regions. The outreach focused on improving public understanding of loans, savings, investments and insurance, with the aim of empowering individuals to make informed financial decisions.

Activities included visits to schools and community centres, where participants received educational materials on responsible borrowing, saving strategies, investment basics and the importance of insurance. The campaign recorded strong engagement, with many participants reporting increased confidence in managing their finances and expressing interest in further education.

In total, 500 educational materials were distributed, and interactive discussions were held. While challenges such as limited time due to academic schedules and varying levels of financial knowledge were observed, the campaign was largely successful.

BoG recommended follow-up workshops to reinforce learning and the inclusion of additional topics such as cybersecurity and fraud prevention in future programmes. The central bank concluded that the initiative has positively contributed to financial awareness and community empowerment, with the potential for sustained long-term impact.