Report: Only 37% of Businesses in Ghana Accept Digital Payments

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Accra, Ghana – April 9, 2025 – A new study has revealed that only 37% of businesses in Ghana currently accept or use digital payments, with the agricultural sector recording the lowest adoption rate.

The report, titled “Adoption of Digital Financial Services by Business Firms in Ghana,” was jointly released by Retail Finance Distribution (ReFinD) and the Institute for Statistical Social and Economic Research (ISSER), with support from the Ghana Statistical Service.

Key Findings

📌 Uneven Adoption Across the Country

Digital payments are highly concentrated in Greater Accra and regional capitals.
Rural and agricultural sectors lag significantly behind in adoption.

📌 Female Managers Drive Adoption

The report notes that businesses with female managers are more likely to adopt digital payments and see increased revenue.

📌 Challenges Hindering Adoption

Knowledge gaps: Many businesses lack awareness of digital payment benefits.
Fraud concerns: Fear of scams and cyber threats discourage adoption.
Uncertain returns: Business owners worry about additional costs and unclear financial benefits.

Recommendations for Policymakers

To address these challenges, the report suggests:
✔️ Educating businesses on the benefits of digital payments.
✔️ Strengthening cybersecurity to build trust.
✔️ Creating incentives to encourage adoption across different sectors.
✔️ Implementing policies tailored to specific business needs.

Expert Insights

📢 Prof. Peter Quartey, Director of ISSER, highlighted key obstacles:
💬 “There are a number of reasons why adoption is low. One is the uncertainty in the business environment. There is also the cost element, taxation, and a few other constraints. But overall, leveraging digital financial inclusion is one of the surest ways to include the unbanked in financial services.”

📢 Kwame Oppong, Director of Fintech and Innovation at the Bank of Ghana, emphasized the importance of the findings:
💬 “Despite the progress made, challenges persist, evidenced by the widening gender gap in digital inclusion. This report is timely and will inform policies to make financial inclusion more effective.”