The Former Vice President Dr. Mahamudu Bawumia, has praised Ghana's progress in digital financial services stating that Ghana is the fastest-growing mobile money market in Africa.

Speaking at the Cambridge Africa Business Conference on Saturday, May 17, 2025, Dr. Bawumia highlighted how key digital reforms have helped transform Ghana’s economy.

The event was themed ‘Africa’s Digital Transformation: Building Resilient Economies Through Innovation.’

Dr. Bawumia stated that one major breakthrough was the introduction of mobile money interoperability, which he described as a "game-changer" in Ghana’s financial sector.

“We asked the questions. Why can’t we make it possible to send mobile money across different telephone companies and also why can’t the mobile money account function like a bank account by making it interoperable with bank accounts? The answer to these questions was the implementation of groundbreaking mobile money interoperability across all banks and telcos,” he said.

The former Vice President explained that Ghanaians can easily send money between mobile wallets and bank accounts, regardless of the service provider they use.

He noted that this move has made mobile money wallets work almost like bank accounts, making financial services more accessible to everyone.

“Every adult Ghanaian can either get a traditional bank account or a mobile money account which works like a bank account,” he said.

According to Dr. Bawumia, this achievement has helped Ghana reach over 90% financial inclusion among adults, making it one of the top countries in Africa for access to financial services.

He also revealed that mobile money transactions in Ghana have increased 40 times between 2017 and 2024 which is a sign of how fast the country is moving in digital finance.

Adding to these achievements, he stated that Ghana is one of only four countries in the world including  Singapore, India, and China to roll out a universal QR code payment system which  places Ghana among the global leaders in digital payment innovation.

He stated that with these successes, “Ghana is firmly placed on the digital transformation map and serves as a model for other African nations aiming to expand financial inclusion and modernise their economies.”