Ghana’s digital finance drive is helping to bring informal-sector workers and unbanked citizens into the formal economy, but Economist and Professor of Finance at the University of
The report indicates that ghana’s digital finance drive is helping to bring informal-sector workers and unbanked citizens into the formal economy, but Economist and Professor of Finance at the University of Ghana Business School, Godfred Bokpin, warns that fraud could slow that progress.
It further notes that he says mobile money, fintech platforms and digital applications have lowered barriers for people who may not be comfortable opening traditional bank accounts or may struggle to provide the required documents.
But he warns that mistrust could push some users back to cash, weakening the gains from financial inclusion and formalisation.
“For a country like Ghana, with a huge informal sector and a huge unbanked population, these avenues allow the economy to rope in the unbanked, who traditionally would not be comfortable opening a bank account to do transactions. These days, when you want to open a bank account, they still ask you for certain documents that the average Ghanaian in the informal sector may not be able to provide,” he said.
He stated digital payments and fintech platforms are helping to bridge that gap.
“So, digital payments, digital apps and fintech open up the market and rope in all these people. The real benefit is that it increases financial inclusion and helps to ensure that there is increased flow within the financial system, which can also aid intermediation,” he added.
Prof. Bokpin was speaking in a yet-to-be-aired documentary, “The Trust Crisis,” ahead of the maiden Digital Economy Forum under the theme, “The Trust Crisis: Why Fraud Is Holding Back Ghana’s Digital Economy.”
The thought-leadership platform, an initiative of Hubtel, will air on JoyNews and Joy FM on Wednesday, July 22, 2026, at 8 p.m.
The forum will bring together regulators, banks, fintech companies, telecommunications firms, security agencies and consumers to examine whether Ghana’s regulatory system is keeping pace with the growth of digital finance.
Prof. Bokpin stated digital finance can help Ghana formalise parts of the informal economy if the right structures are put in place.
But he cautioned that this opportunity could be undermined if fraud pushes users away from digital channels.
He stated trust is central to financial services, especially in digital transactions where users often rely on apps and platforms without physical interaction.
“If government is able to put in place the right structure, we are able to trace transactions and formalise the informal sector in a certain way that allows us to build an inclusive economy. Trust from the public and trust from all stakeholders is very fundamental. Anything that undermines that obviously undermines the foundation of financial service provision,” he indicated.
He stated fraud is already influencing behaviour in parts of the country. According to him, once users lose confidence, they are likely to return to cash-based transactions.
