As of December 2021, 68 percent of adult Ghanaians have a bank account, whether it be a mobile money account or a traditional banking account. Ghana is now ranked first in West Africa but fifth out of 25 Sub-Saharan African nations.
The 2021 World Bank Findex Report states that as of 2014, 41% of adult Ghanaians have bank accounts. This increased dramatically, reaching 58 percent in 2017 and then increasing by 10 percent to 68 percent in 2021.
According to the study, ownership of mobile money accounts has increased by at least 10 percentage points in Ghana, Cameroon, Liberia, and Senegal since 2017. However, since 2017, the percentage of adults in the nation with bank accounts has mostly stagnated.
"In Ghana, the number of people with a financial institution account has mostly been flat since 2017, although the ownership of mobile money accounts climbed to 60% from 39% in 2017, increasing overall account ownership by 11%."
According to the survey, 15 percent of individuals in Sub-Saharan Africa now use mobile money accounts to save money, which is almost the same percentage as those who save at banks or other financial institutions.
Additionally, in Ghana, Kenya, and Uganda, over 30% of individuals have a mobile money account where they save money. A third of those who have mobile money accounts said they need assistance in order to utilise their accounts. In comparison to males, women are 5 percentage points more likely to require assistance while using their mobile money accounts.
Between 2017 and 2021, Sub-Saharan Africa had a steady increase in the use of mobile money, and as a result, 33 percent of individuals there now have a mobile money account, which is three times higher than the 10 percent global average. In 2021, 3 out of 4 mobile account owners made or received at least one payment that was not person-to-person, and 15% of adults use their mobile money account to save. This growth in adoption and usage of mobile money services has extended beyond their original use as a person-to-person payment tool.
Benin, Burkina Faso, Cameroon, Congo, Republic, Côte d'Ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Malawi, Mali, Mauritius, Mozambique, Namibia, Nigeria, Senegal, Sierra Leone, South Africa, South Sudan, Tanzania, Togo, Uganda, Zambia, and Zimbabwe are among the nations that will be surveyed in 2021.
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