Bank of Ghana Governor Dr. Johnson Asiama has expressed concerns that Ghana's digital finance story is still incomplete, with the majority of digital transactions ending up as cash. He made these remarks at the launch of the digital payment platform Sao Pay at Labadi Beach Hotel. The governor emphasized that it is unfortunate that too much digital value ends its journey as cash, and at many merchant counters, cash remains the default payment method.
Dr. Asiama stated that changing this trend is now the task of every issuer in the market. He stressed that everything must be done to ensure that people keep their money in digital form to help achieve a cashless society. The governor also highlighted the role of mobile money transactions in dealing with this challenge. According to him, mobile money has been encouraging, but there are still some challenges in this area that need to be addressed quickly.
The Bank of Ghana Governor disclosed that there were about 85.8 million registered mobile money accounts in August 2026, holding nearly GH¢40 billion in customer balances. However, he noted that despite the significant growth in transactions and balances on float, only about 26.4 million of those accounts had been used in the previous ninety days, which is fewer than one in three. This indicates that while there is significant reach, the value of transactions is not being fully utilized.
Dr. Asiama emphasized the importance of supervision in the digital payments sector, citing weak regulatory compliance as one of the root causes of problems. He stressed that for a dedicated electronic money issuer like Sao Pay, the three-way reconciliation between the e-money platform, the bank position, and the corresponding customer funds is particularly critical. This ensures that the value represented electronically to customers is properly accounted for and supported by the funds required under the applicable regulatory framework.
The governor's concerns highlight the need for a more comprehensive approach to digital finance in Ghana. While mobile money has made significant strides, there is still a long way to go in achieving a cashless society. The launch of Sao Pay is an effort to expand digital payment options and encourage more people to keep their money in digital form. However, the governor's remarks suggest that more needs to be done to address the challenges in this area.
According to Dr. Asiama, the Bank of Ghana is committed to ensuring that the digital payments sector operates in a secure and stable environment. The governor's emphasis on regulatory compliance and supervision is a testament to the central bank's efforts to promote a cashless economy. The growth of digital finance in Ghana has the potential to increase financial inclusion and reduce the costs associated with cash transactions.
The digital finance landscape in Ghana is evolving rapidly, with new players and platforms emerging to offer a range of services. However, the concerns raised by Dr. Asiama highlight the need for a more coordinated approach to digital finance. As the sector continues to grow, it is essential that stakeholders work together to address the challenges and ensure that digital finance is accessible, secure, and stable for all users.
Key points
- Bank of Ghana Governor Dr. Johnson Asiama raises concerns over digital transactions ending in cash.
