Following its government digitization agenda in 2017, Ghana’s digital infrastructure has reportedly achieved 100 percent financial inclusion, the only country in Africa to achieve this feat.
Ghana was able to achieve this feat after the West African country, successfully implemented the Mobile Money Interoperability (MMI) system. A system that integrates all payments platforms across telcos, fintechs and banks, enabling its citizens to make and receive instant payments.
Commenting on the country’s recent achievement of 100 percent financial inclusion, Ghana’s vice president Mahamudu Bawumia said, “In fact, because of mobile money interoperability, where fintechs, banks, and telcos have essentially payment platforms that enable every Ghanaian to access and receive payments, Ghana was the only country to score 100% on financial inclusion in Africa at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda.
“And it just makes you proud in this context that yes, we are doing what is actually quite right. You’ve seen mobile money interoperability; you’ve seen the national ID card; you’ve seen digital addresses, you’ve seen the paperless ports, universal QR code, Ghana pay, and so on.
“All of this is laying a particular foundation in this country that will allow us to fully participate in the Fourth Industrial Revolution. It is also comforting to note that even the credit reference agencies are leveraging on these infrastructures, the digital infrastructure that we have put in place, digital addresses, national ID, and so on.
“We are expecting that individual credit scoring by the credit reference agencies will start taking place by the first quarter of next year, which will allow and underpin the development of a real credit system in Ghana which is very, very critical in terms of the development of this country.”
Investors King understands that the government of Ghana began its digitization agenda in 2017 and has continuously employed the application of digital technology to stimulate the growth and transformation of the Ghanaian economy.
Through this agenda, the Ghanaian government also introduced some interventions such as mobile money interoperability, implementation of the digital address system, and digital renewal of National Health Insurance among others, which have significantly improved the economic and social lives of Ghanaians.
