MoMo’s Abdul Razak Calls for Redefinition of Digital Financial Inclusion in Ghana and Africa
Chief Commercial Operations Officer of MobileMoney Limited (MoMo), Abdul Razak Issaka Ali, has called for a redefinition of digital financial inclusion in Ghana and across Africa, stressing that it must go beyond payments to encompass broader financial services that empower underserved communities.
Speaking during a high-level panel discussion on the theme “From Exclusion to Inclusion – DPI and Inclusive Development in Africa” at a conference organised by the Media Foundation for West Africa (MFWA) on “Journalism and Digital Public Infrastructure,” Mr Ali underscored the need for digital inclusion to evolve from simple money transfers to full participation in the digital economy.
“Digital inclusion must not end at sending and receiving money,” he stated.
“It should allow people, especially those in underserved communities, to access credit, insurance, and savings tools that improve their lives and restore financial dignity.”
Expanding access through embedded finance
Mr Ali highlighted the concept of embedded finance—the integration of financial services into non-financial platforms—as a transformative approach to advancing inclusion. He noted that such systems enable people to make essential purchases even when they cannot afford them immediately, by offering flexible payment options.
“A lot of people in underserved communities want to buy things they need but can’t afford at the moment of a transaction,” he said. “Payment systems should enable them to buy such items and pay later. That’s how we provide financial dignity — by giving them access when they need it most.”
He argued that digital payment systems should integrate embedded credit and micro-loan facilities that meet everyday needs such as education, healthcare, or agricultural inputs, without pushing people into cycles of exclusion.
From efficiency to empowerment
According to Mr Ali, the true value of digital finance lies not only in convenience and speed but in its capacity to drive social transformation.
“The ability of the underprivileged to do things that cannot easily be done with cash — to transact conveniently and securely — makes a compelling case for digital finance,” he said.
“It’s not just about money movement; it’s about opportunity movement.”
He, however, cautioned that realising this vision requires addressing structural barriers, particularly access to smartphones and digital tools.
Smartphones key to true inclusion
Mr Ali identified limited smartphone penetration among low-income and rural populations as a major bottleneck to achieving full digital inclusion. While many mobile money services still rely on USSD technology, he noted that app-based systems offer greater innovation, security, and user experience.
“The use of USSD is useful, but it’s limited,” he explained. “The real transformation happens when people can access apps, QR codes, and other digital payment tools that make life easier — but that requires smartphones.”
He called on policymakers, telecom operators, and financial service providers to collaborate on making smartphones more affordable and accessible, possibly through flexible payment arrangements or public-private partnerships.
“If we can make smartphones accessible to the underprivileged, then they can enjoy all the benefits that come with digital platforms — faster payments, QR code transactions, network service providers’ apps, and other innovations,” he added. “That’s when inclusion becomes real.”
A call for holistic digital inclusion
Mr Ali’s remarks reflect a growing sentiment across Africa for a holistic approach to digital inclusion — one that blends digital public infrastructure, innovation, and social equity. He acknowledged Ghana’s progress in expanding mobile money and interoperability but said the next phase must focus on empowerment rather than mere access.
“Financial inclusion is not just about having an account or a wallet,” he stressed. “It’s about ensuring that those tools can be used to improve lives — to educate children, to grow small businesses, to access healthcare, and to build dignity.”
Mr Ali reaffirmed MoMo’s commitment to innovation and inclusivity in line with national development goals.
“Our mission is to build systems that include everyone — not just the urban and connected — but the farmer, the trader, and the student in every part of the country,” he said. “Because only then can we say we’ve achieved true inclusion.”
