6 out of 10 Ghanaians use mobile money every week, survey says
Ghana’s payment ecosystem remains firmly anchored by mobile money, according to the 2023 KPMG West Africa Banking Industry Customer Survey. A commanding 66% of respondents affirm their weekly engagement with mobile money, highlighting its dominant role in the nation’s financial architecture.
Yet, beneath this digital veneer lies a resilient cash-based economy. The report underscores the pivotal role of seamless fund transfers between bank accounts and mobile wallets, pinpointing it as a cornerstone of customer satisfaction. Some banks, in a bid to elevate user experience, have opted to waive fees for such inter-transactions, further facilitating financial fluidity for consumers.
The survey captures the accelerating embrace of financial technology platforms, witnessing a surge from 10% to 16% in weekly usage between 2022 and 2023. Concurrently, the deployment of banking mobile applications has seen a modest uptick, with 53% of respondents now engaging on a weekly basis—a marginal 3-percentage point increment from the preceding year.
Meanwhile, the USSD platform’s relevance is underscored by its burgeoning adoption, with 28% of survey participants utilizing it on a weekly basis. However, amidst this digital renaissance, ATMs retain their prominence, with 32% of respondents frequenting them weekly, emphasizing the enduring allure of cash transactions.
Per the survey, 36% of respondents favouring the ATM for cash withdrawals, and 22% prefer mobile money, the cultural preference for cash persists due to its perceived security and widespread acceptance, particularly in traditional markets and informal sectors.
“Despite advancements in digital security, there persists a prevailing mistrust and reluctance toward the security of digital platforms”, KPMG added.
The survey notes that Ghana’s ongoing journey of digital adoption is gaining momentum. Hence, the Ghanaian payment sphere presents a fertile ground, ripe with opportunities for substantial disruption and transformative change.
