Ghana has made significant strides in consumer payments in Africa, with 954 million mobile-money transactions worth GH¢492.9 billion recorded in June 2026, up from GH¢323.2 billion in the same period the previous year. However, only 37% of Ghanaian businesses accept or use digital payments, according to a 2024 census of 1.9 million businesses by the Ghana Statistical Service, ISSER, and ReFinD. This gap highlights the need for increased adoption and effective use of digital payments among small and medium-sized enterprises (SMEs).
The 2024 census found that businesses that use digital payments and have a proper merchant account experience stronger revenue growth, higher employment, and greater formalization. Bank of Ghana reports 26 million active mobile-money accounts and 546,000 active agents, indicating a significant opportunity to close the distance between consumer and merchant acceptance. The focus is shifting from increasing payment adoption to making digital payments more useful to businesses.
For Ghanaian SMEs, commerce is increasingly happening across multiple channels, including social media, digital orders, and mobile money. Frictionless acceptance enables businesses to meet customers where they are, but payment availability alone is not enough. The technology must reflect how small businesses operate, including those that rely on mobile money, e-commerce, social commerce, and international customers.
Mastercard's collaboration with DPO Group allows Ghanaian businesses to accept multiple digital payment methods, including mobile money and e-wallets, from customers locally and internationally, through a single platform, with fraud protection and chargeback support. This collaboration addresses concerns about acceptance costs and safety, which are key barriers to adoption.
A digital payment creates a useful record of business activity, making it easier to reconcile sales and manage revenue. When payment infrastructure connects to other financial services, it creates pathways to working capital, insurance, and other tools that can strengthen a business. Mastercard's collaboration with Boost, launched in 2024, combines digital payment wallets with embedded supply-chain finance for distributors, wholesalers, and retailers.
In 2025, Mastercard opened its first office in Accra, focusing on acceptance and trust. Collaborations with Kalabash, Boost, Smile ID, and Access Bank provide low-cost acceptance tools to Ghanaian businesses, while the Mastercard Fintech Forum and Fraud and Cyber Resilience Forum address security concerns. The objective is to create an ecosystem where digital payments support more than transactions, connecting businesses to customers, financial services, and growth opportunities.
The next stage of digitalization for Ghana's SMEs should focus on what payment enables, not just adoption. The strongest payment ecosystems will fit businesses' existing operations, connecting payment acceptance with tools for reconciling sales, managing cash flow, and accessing finance. For Ghana's SMEs, the next opportunity lies in turning digital payment adoption into a foundation for stronger, more connected, and more resilient businesses.
Key points
- Ghana's SMEs are leveraging frictionless payments to drive growth and formalization
- Only 37% of Ghanaian businesses accept or use digital payments
- Mastercard is collaborating with various partners to provide low-cost acceptance tools and address security concerns
