Ghana has been ranked as number one in access to financial inclusion services.
This is according to the State of Inclusive Instant Payments in Africa Report compiled by AfricaNenda.
The report which was launched at the ongoing Mobile World Congress Africa 2022 in Kigali, Rwanda recognized the successful implementation of the Mobile Money Interoperability (MMI) system, which integrates all payment platforms across banks, fintech,s and telcos, allowing all Ghanaians to make and receive instant payments.
According to the organizers, the report which recognized Ghana hsd focused on inclusive instant payment systems in 12 African countries.
The CEO of Ghana Interbank Payments and Settlements Systems (GhIPSS), Archie Hesse, while speaking at the event said that Ghana had made efforts for integrating three instant payment platforms into the “financial inclusion triangle’.
These platforms, he said have since been enhanced by the addition of other services such as Proxy Pay, Internet Gateway Payment, Request to Pa,y and the universal QR code called GHQR, which can be linked to both bank accounts and digital wallets, with affordability as the key factor is strength.
Earlier, the Vice President of Ghana, Mahamudu Bawumia said that the government has laid a foundation that will allow it to fully participate in the Fourth Industrial Revolution.
“As a government, we realized that it was imperative to embrace digital innovation to transform the economy.
“It is not an unopposed business, and there are huge costs associated with getting to our destination, yet we are unwavering because we are convinced that The benefits will outweigh the costs, and these benefits are already starting to show.
“Until now, we have introduced some interventions such as mobile money interoperability, digital renewal of National Health Insurance, implementation of digital address system, national ID card, paperless port system, QR-Code, among others,” he said.
Bawumia explained that the FinTech sector in the country has greatly enhanced various functions across different sectors.
“We are already seeing the impact of these digitization initiatives, including the efficient delivery of public services by all ministries, departments, and agencies on the Ghana.gov portal, fighting corruption by cutting out the middleman and also ghost names in many transactions, which attracts more Ghanaians in the formal sector and promoting the mobilization of national income, among other,s”.he said.