Mobile Financial Services in Ghana

Project completed

The main objective of the Ghana Digita Financial Services Program (DFS) is to improve financial inclusion of Ghana’s population by increasing access to low cost financial services to the un(der)banked. Mobile financial services have proven to be an effective tool to promote financial inclusion because they are very cost-effective (affordable for the poor) and they allow for scale by building on a platform that exists even in poor and remote areas of the world (mobile phones).

Country/region Period Budget
01.02.2016 - 31.12.2021
CHF  3’084’190

Financial inclusion in Ghana is still weak: as of 2015, only about a third of Ghanaians have bank accounts, savings accounts and access to credit. At the same time, about 90% own a mobile phone and the country has one of the highest rates of phone penetration in Sub-Saharan Africa. DFS exist in Ghana today but do not deliver on their potential with regard to financial inclusion. Ghana has been chosen for this program because it presents an opportunity due to its market structures, regulatory environment and political will. DFS is a national priority and will likely have a high standing in Ghana’s upcoming Financial Inclusion Strategy to be launched in 2017/2018.


The main objective of the DFS Ghana is to improve financial inclusion of Ghana’s population by increasing access to low cost financial services to the un(der)banked. Recent research suggests that inclusive and efficient financial markets have the potential to improve the lives of citizens, reduce transaction costs, spur economic activity, and improve delivery of other social benefits and innovative private-sector solutions. The overall goal of the program is to increase financial inclusion and the use of digital financial services.

Medium-term outcomes

The program fosters the development of a sound regulatory environment conducive to the further development of DFS. The regulator and Government assume effective leadership, provide comfort to market players to invest in DFS and inspire trust with customers.

Ghana disposes of a sound and competitive DFS market with relevant players interacting on a regular and effective basis.


Expected results:  

Support for the regulator to provide leadership on mobile money and on its vision of a cash-lite economy

Support the Bank of Ghana in data collection, analysis and dissemenination for increased transparency and publicly available data

Install a regular and effective interaction between market players and the regulator to deal with emerging issues on a transparent and constructive basis

Provide market studies and training workshops for different stakeholders on DFS and showing the business case for investing into DFS services and products

Directorate/federal office responsible SECO
Credit area Development cooperation
Budget Current phase Swiss budget CHF    3’084’190 Swiss disbursement to date CHF    0 Budget inclusive project partner CHF    3’019’704
Project phases

Phase 1 01.02.2016 - 31.12.2021   (Completed)