Dr Mahamudu Bawumia is Ghana’s former Vice President
Former Vice President of Ghana, Dr Mahamudu Bawumia, has praised Ghana’s progress in digital financial services, describing the country as “the fastest-growing mobile money market on the African continent.”
Speaking at the Cambridge Africa Business Conference on Saturday, May 17, 2025, Dr Bawumia highlighted the transformative role of mobile money interoperability (MMI) in reshaping Ghana’s financial landscape.
“We asked the questions; why can’t we make it possible to send mobile money across different telephone companies? And why can’t mobile money accounts function like bank accounts by making them interoperable with banks? The answer to these questions was the implementation of groundbreaking mobile money interoperability across all banks and telcos,” he explained.
Dr Bawumia also announced that Ghana is the first country in Africa and among a few globally, to achieve full interoperability between bank accounts and mobile money wallets, marking a major milestone in financial innovation and inclusion.
“Ghana is the first country in Africa, and one of the very few in the world, to achieve this type of interoperability between bank accounts and mobile wallets. The success of this initiative has led to over 90% financial inclusion among Ghana’s adult population, placing the country at the top of Africa’s financial access rankings. Every adult Ghanaian can either get a traditional bank account or a mobile money account that functions like a bank account,” he stated.
He also cited data showing a 40-fold increase in mobile money transactions between 2017 and 2024.
Additionally, Ghana operates a fully interoperable instant payment system and has received international recognition for its progressive mobile money regulations.
Dr Bawumia’s remarks underscored the critical role of innovation and digital infrastructure in building resilient economies and empowering underserved communities.
SP/MA
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