The Bank of Ghana (BoG) says the country’s next digital finance frontier should move beyond sending and receiving money to helping ordinary users access credit, insurance and other
The report indicates that the Bank of Ghana (BoG) says the country’s next digital finance frontier should move beyond sending and receiving money to helping ordinary users access credit, insurance and other financial services through their transaction histories.
It further notes that head of Fintech and Innovation at the Bank of Ghana, Elhanan Owureku Asare, says Ghana has made strong progress in financial inclusion, but must now focus on financial health.
He stated mobile money wallets should increasingly become a pathway for small traders, informal workers and ordinary consumers to access services that traditional bank accounts have long provided.
“We have to get to a point where if I need funds, just like the way if I have a bank account and I need funds, I can apply for a loan, the woman selling tomatoes by the roadside should be able to say that because I have MTN Mobile Money wallets or Telecel Cash wallets, I will be able to access a loan from there,” he said.
Mr. Asare was speaking in a yet-to-be-aired documentary 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.
Mr. Asare stated the next phase of digital finance must help users build value from the records they create when they transact digitally.
“Will I be able to have insurance? Just like the way your bank, all the benefits that your bank account gives you, that is the way to get to a point where we are moving from financial inclusion to financial health,” he said.
The BoG Head of Fintechs and Innovation believes the current model must evolve beyond basic transactions.
“That is where I see in the next five years. It is not 15 years; it is too far. In the next five years, we have to make sure that we move away from financial inclusion to financial health. Otherwise, our transaction will be cash in, cash out.”
“But the person depositing funds in their wallet should be able to have that level of confidence that because of my transaction history, if I need access to funds, I will be able to get it,” he indicated.
He stated the same transaction history could also support access to insurance products.
“Because of my transaction history, if there is any form of insurance related to my financial history, I should be able to access it. So I think that is the next frontier, moving from financial inclusion to financial health,” he added.
