Ghana’s financial technology (fintech) sector processed transactions worth approximately GHS 3 trillion (about $264 billion) in 2024 a figure more than three times the country’s nominal GDP for the same period, a new industry report has revealed.
The joint report indicates that Ghana is rapidly consolidating its position as one of Africa’s leading fintech hubs. It notes that over 81% of adults in the country now own a financial services account, far exceeding the Sub-Saharan African average, which remains below 60%.
Despite these gains, the study points out that Ghana still trails some regional counterparts in critical digital inclusion indicators, suggesting that significant room for growth remains within the sector.
One major challenge identified is the mobile internet usage gap — the proportion of people who live in areas with mobile broadband coverage but do not actively use mobile internet services. In Ghana, this gap stands at about 44% of the adult population, slightly higher than the regional average of 42%.
High smartphone costs and limited digital literacy were cited as the main barriers preventing broader adoption of mobile internet. According to the report, these factors continue to restrict full participation in the digital economy and limit the reach of fintech services, especially in underserved communities.
However, increasing digitalisation is also creating new opportunities. Ghanaian start-ups are increasingly leveraging online platforms to expand beyond local markets, attract international customers, and scale their operations globally
The report highlights several emerging start-ups making significant impact across key sectors such as agriculture, education, healthcare, and transportation, demonstrating the transformative potential of innovation-driven enterprises.
Nonetheless, structural challenges persist. Start-ups continue to grapple with high tax burdens, policy uncertainties, shortages of skilled labour, and limited market access in areas with low internet penetration.
The report concludes that targeted government policies, improved digital infrastructure, and ecosystem support will be crucial to overcoming these bottlenecks and ensuring that digital transformation translates into sustained economic growth, job creation, and broader financial inclusion for Ghanaians
Source: Norvanreport
