A recent report by Fitch Solutions has revealed that Ghana placed fourth in Sub-Saharan Africa in terms of digital bank account ownership growth. The country saw a significant 40% increase in digital bank accounts, including mobile money, between 2011 and 2022, reaching just over 60% penetration.
Mauritius led the pack with an impressive 90% digital bank account ownership, followed closely by South Africa (82%) and Kenya (74%). Senegal, Tanzania, Ivory Coast, Ethiopia, and Nigeria trailed behind Ghana, occupying the 5th to 9th positions.
Despite this progress, Fitch Solutions noted that Ghana’s digital banking growth remains relatively low compared to global peers. The report, titled “Navigating The Digital Banking Landscape In Sub-Saharan Africa,” highlighted the region’s lag in traditional banking sector development but its leadership in digital banking progress.
Sub-Saharan Africa’s banking assets are expected to represent 53% of Gross Domestic Product (GDP) in 2024, significantly lower than the emerging markets average of 84.8%. Digital banking has emerged as a key driver of financial inclusion, economic development, and technology adoption, fueled by widespread mobile phone usage, improved internet connectivity, and regulatory support.
Fitch Solutions predicts continued growth in digital banking capabilities, benefiting households, businesses, traditional and challenger banks, and the broader economy. Nigeria and Kenya have emerged as hubs for digital banking innovation, with Ghana, South Africa, and Tanzania also making significant strides.
In Ghana, surging mobile money usage has driven digital banking growth, while traditional banks and fintech companies in Nigeria, such as Kuda Bank and GTBank, offer robust mobile platforms targeting the unbanked and underbanked populations.
As digital banking continues to transform the financial landscape in Sub-Saharan Africa, Ghana’s progress serves as a testament to the region’s potential for growth and innovation.
Ruth Abla ADJORLOLO
