Life has become easier with the advent of digital technology. Just with the tap of a finger all our financial transactions are done easily and swiftly.
Digital transaction platforms are expanding in Africa. There is no doubt that all African banks recognize the importance of digital banking and are adopting it as a part of their growth strategy. From branchless banking and digital wallets to transacting through mobile gadgets, banks are transforming the way customers use their services, riding the continent’s tech-savy population. Improved access to digital services can help increase the financial inclusion of many customers across the continent while supporting local economies.
In Ghana, more than 70% of the population has access to financial services either through a bank account or a mobile money account according to President Nana Akufo-Addo. He made this known when he delivered the State of the Nation address on March 9, 2021. Through the implementation of mobile money interoperability, Ghana has forayed into the mobile money market and Ghana is the first country in Africa to have done so. It is therefore not surprising that Ghana is the fastest growing mobile money market in Africa and it is revealed that the growth in money market transactions continues to be a dominant factor in the financial sector of the country. Most African countries are adopting the cashless economy, the opportunities are massive for banks willing to take the lead and digitally transform their business to truly engage with their customers.