A groundbreaking new report has drawn national attention to the urgent need for targeted policy action to boost digital payment adoption among Ghanaian businesses, particularly in underserved regions and sectors such as agriculture.
The report, titled Adoption of Digital Financial Services by Business Firms in Ghana, was jointly released by Retail Finance Distribution (ReFinD), the Institute for Statistical Social and Economic Research (ISSER), and the Ghana Statistical Service.
The data paints a concerning picture: only 37% of businesses nationwide currently use or accept digital payments, with the agricultural sector lagging significantly behind. Digital payment usage remains heavily concentrated in Greater Accra and other regional capitals, while rural and informal enterprises continue to operate largely outside the digital financial ecosystem.
Experts say this disparity highlights a missed opportunity to accelerate financial inclusion and unlock economic growth—especially for smallholder farmers, women-led enterprises, and microbusinesses.
Bridging the Digital Divide
The report outlines several key barriers to adoption: limited digital literacy, concerns over fraud, and the perceived complexity or low returns of digital financial systems. In response, the authors recommend strategic interventions, including education campaigns, sector-specific incentives, and strengthened cybersecurity frameworks to build user trust.
Professor Peter Quartey, Director of ISSER, emphasized the broader benefits of addressing these gaps: “By expanding digital financial inclusion, we not only empower businesses but also bring the unbanked population into the formal financial system. It’s a powerful tool for inclusive growth.”
Women-Led Businesses Show Promise
Interestingly, the report also found that businesses managed by women tend to show higher digital adoption and improved revenue outcomes—an insight that underscores the importance of gender-inclusive policy planning.
Shaping the Future of Financial Inclusion
Speaking on behalf of the First Deputy Governor of the Bank of Ghana, the Director of Fintech and Innovation, Kwame Oppong, praised the report’s relevance in the current financial landscape.
“Despite the progress made, significant gaps remain in gender and digital inclusion. This report offers valuable insights that can inform smarter, more effective policy solutions,” he said.
With policymakers, researchers, and stakeholders aligned on the urgency of the issue, there is renewed hope that Ghana can move toward a more digitally inclusive and resilient economy—one that leaves no business or individual behind.
