Only 37% of businesses in Ghana currently accept or use digital payments, with the agriculture sector showing the lowest levels of adoption, according to a new nationwide report.
The study, released jointly by the Institute of Statistical, Social and Economic Research (ISSER) and Retail Finance Distribution (ReFinD), with support from the Ghana Statistical Service, highlights uneven adoption of digital financial services across regions and industries.
Digital payments are heavily concentrated in urban areas, particularly Greater Accra and regional capitals, leaving rural and informal enterprises largely excluded. The report also points to notable gender dynamics, with businesses led by female managers showing higher revenues and stronger use of merchant accounts.
Researchers identified several key barriers to broader uptake, including limited awareness, concerns about fraud, and uncertainty over the returns on investment in digital platforms.
“There’s uncertainty in the business environment, cost, taxation, and a few other constraints,” said Prof. Peter Quartey, Director of ISSER. “But digital financial inclusion remains one of the surest ways to bring the unbanked into the formal financial system.”
Speaking on behalf of the First Deputy Governor of the Bank of Ghana, the Director of Fintech and Innovation, Kwame Oppong, said the report’s findings would support policy reforms aimed at narrowing Ghana’s financial inclusion gap.
“Despite progress, significant challenges remain—evident in the gender gap and digital exclusion,” he noted. “This research comes at a critical time and will help make our policy interventions more effective.”
The report calls for targeted interventions such as public education campaigns, better fraud protection mechanisms, incentives tailored to small and medium enterprises, and stronger cybersecurity to build trust in digital payment systems.
