Fitch Solutions Reports Over 40% Growth in Ghana’s Digital Bank Accounts from 2011 to 2022
Ghana has positioned itself as a significant player in the digital banking landscape of Sub-Saharan Africa (SSA), ranking fourth in the region for growth in digital bank account ownership, according to a report from Fitch Solutions.
The country experienced a robust increase of over 40% in digital bank accounts, which includes mobile money services, between 2011 and 2022, achieving a penetration rate of just over 60%. However, Fitch cautioned that this level of ownership remains relatively low compared to global standards.
Mauritius leads the region with an impressive 90% growth in digital account ownership, followed closely by South Africa (82%) and Kenya (74%). Other countries making strides include Senegal (54%), Tanzania (50%), Ivory Coast (49%), Ethiopia (47%), and Nigeria (44%).
In the report titled “Navigating The Digital Banking Landscape In Sub-Saharan Africa,” Fitch Solutions emphasized that while the banking sector in SSA has historically lagged behind other regions, it is now at the forefront of digital banking innovation.
The firm projects that SSA’s banking assets will constitute 53.0% of the region’s Gross Domestic Product (GDP) by 2024, significantly lower than the emerging markets average of 84.8%. The limited access to traditional banking services has impeded broader economic participation and growth, making the advancement of digital banking crucial for financial inclusion.
The rise of digital banking is viewed as a pivotal opportunity for economic development, driven by factors such as widespread mobile phone usage, enhanced internet connectivity, and increasing regulatory support. Fitch anticipates that the continued evolution of digital banking capabilities in SSA will yield substantial benefits for households, businesses, and the broader economy.
Per Fitch Solutions, Nigeria and Kenya are identified as key hubs for digital banking within the region, each showcasing distinct ecosystems that blend traditional banking services with innovative fintech solutions. In Nigeria, digital banking players like Kuda Bank and GTBank are leveraging mobile platforms to provide a diverse range of financial services aimed at the unbanked and underbanked populations.
Meanwhile, Ghana’s surge in mobile money usage, along with South Africa’s well-established financial infrastructure, illustrates the rapid development of digital financial services across the region. Additionally, Tanzania’s fast-growing mobile banking sector reflects the dynamic landscape that is reshaping financial access in Sub-Saharan Africa.
