Ghana: FinTech Start-ups Raise $121m in 2024 as Mobile Money Ecosystem Deepens – Report
Tech start-ups in Ghana raised some $121 million in funding in 2024, reflecting sustained investor interest in the country’s growing digital economy, according to a joint report by Tech in Ghana (TIG) and the GSMA.
The report underscores the rapid expansion of Ghana’s fintech ecosystem, supported by a network of 87 innovation hubs, of which 30 are dedicated exclusively to technology-focused ventures.
Mobile money continues to anchor the country’s digital financial services landscape, with 25.3 million registered accounts and some 8.1 billion transactions recorded in 2024. The total value of mobile money transactions reached GHS 3 trillion over the review period, facilitated by a network of approximately 404,000 active agents nationwide.
According to the report, Ghana remains a regional leader in financial inclusion, with just over 81% of adults owning a formal financial account, compared to a Sub-Saharan African average of less than 60%, as indicated by the latest World Bank Global Findex data.
The high level of financial inclusion has been driven largely by the widespread adoption of mobile money services, particularly through operators such as MTN and Telecel, alongside sustained regulatory support from the Bank of Ghana.
Key policy interventions highlighted include the introduction of the Branchless Banking Guidelines in 2008 and subsequent reforms, which have created an enabling environment for fintech innovation. The implementation of interoperability across payment systems, including mobile money switching infrastructure, has further enhanced accessibility and efficiency within the financial ecosystem.
The report also points to the role of a broad-based stakeholder ecosystem comprising government institutions, mobile network operators, traditional banks, and development partners such as the World Bank and the Consultative Group to Assist the Poor (CGAP), in driving innovation and expanding access to financial services.
Despite the strong growth, the report suggests that continued investment, policy consistency, and ecosystem collaboration will be critical to sustaining momentum and unlocking further opportunities within Ghana’s fintech space.
