Introduction
For a growing number of Ghanaians, their first financial account is not a bank account. It is a mobile money wallet that can be opened in minutes and funded at a roadside kiosk. Mobile money continues to expand its role in Ghana’s financial sector, with transaction values reaching GH¢492.91 billion in June 2026, according to the Bank of Ghana’s Summary of Economic and Financial Charts. Data released on 22 July 2026 shows that Ghana recorded 954 million mobile money transactions during the period, highlighting the growing reliance on digital platforms for instant payments, transfers, and everyday financial activities.
Instant and inclusive payment systems are not built by a single institution. They are the product of an evolving ecosystem. The central bank provides the rails and establishes the rules. Banks and mobile money operators (MMOs) contribute their balance sheets and distribution networks. Fintechs bring innovation, agility and customer-focused products that drive adoption. As Ghana advances towards a more digital economy, it has become increasingly clear that the greatest challenge is not simply building infrastructure. It is bringing these players together to operate as a regulated and collaborative network.
The success of this approach can be seen in several parts of the world. Pix, Brazil’s instant payment system, was developed and is operated by the Central Bank of Brazil. Since its launch in November 2020, it has grown rapidly, processing approximately US$6.7 trillion in transactions in 2025 and serving more than 170 million users. In India, the Unified Payments Interface (UPI) clears more than 200 billion transactions annually. Across Africa, 36 instant payment systems operate in 31 countries, collectively processing around US$ 2 trillion each year. While these systems serve different markets, the most successful share a common feature: regulators opened national payment infrastructure to a wider range of providers and created space for innovation and competition.
The Invisible Infrastructure Powering Ghana’s Instant Payments System
At the centre of Ghana’s growing digital payments economy is an institution that many consumers rarely encounter directly. Ghana Interbank Payment and Settlement Systems (GhIPSS), the Bank of Ghana’s payment infrastructure operator, provides the shared infrastructure on which much of the country’s instant payments ecosystem runs. Its network supports everything from instant account-to-account transfers and QR code payments to cheque clearing and bulk salary and pension payments. Since the launch of its flagship GhIPSS Instant Pay (GIP) service, the value of instant interbank transfers has grown rapidly, more than doubling in a single year, according to the Bank of Ghana. The integration of mobile money services and the introduction of interoperability have also removed many of the barriers between bank accounts and digital wallets.
These developments have created a neutral platform where licensed providers can connect on equal terms. As a result, fintechs can develop new products without negotiating separate integrations with every bank or mobile network operator.
Equally significant are the opportunities created by the Pan-African Payment and Settlement System (PAPSS), developed by Afreximbank (African Export-Import Bank) in partnership with the African Union and the AfCFTA Secretariat. By linking Ghana’s domestic payments ecosystem to a continental network, PAPSS strengthens cross-border trade and gives Ghanaian businesses direct access to markets across Africa.
The platform enables businesses to settle transactions in local currencies, reducing reliance on correspondent banks and the US dollar. A Ghanaian exporter can receive payment from a buyer in another African country within seconds rather than waiting days for settlement. The launch of PAPSSCARD in 2025 extended the same principle to everyday retail transactions, helping to reduce costs, delays and currency-related friction. Together, these systems provide the foundation for the next phase of Ghana’s financial inclusion journey.
Collaboration for Transformation
Countries that have made the greatest progress in financial inclusion have treated national payment systems as public infrastructure rather than proprietary assets. Their value increases as more providers connect to them, competing to deliver better products, lower costs, and broader access.
Fintechs are often best positioned to bridge the final mile through open APIs, cloud-native technology, and mobile-first design. Banks and mobile money operators contribute licenses, capital and established distribution networks. The central bank’s role is to maintain an open and interoperable environment by setting common standards, ensuring fair access and promoting competition. When these conditions are in place, payment infrastructure supports innovation, expands access to financial services and enables new business models to emerge. It allows a wider range of institutions to develop financial products, reach underserved communities, and contribute to sustainable economic growth.
Payments Infrastructure That Supports Innovation and Drives Inclusion
Building digital payment infrastructure is only the foundation. The real value is created by the products and services built around it, which is why partnerships are so important. A steady stream of digital transactions can help individuals build a financial profile based on mobile money activity, utility bill payments and other payment behaviours. For many people with no collateral or formal employment records, this information can unlock access to credit that would otherwise remain out of reach.
Agri-fintechs can combine payment data with supply chain information to offer smallholder farmers services such as input financing, digital crop payments, and embedded insurance. Informal workers can access health or life insurance through micro-premiums deducted from their daily earnings. Street vendors can accept real-time digital payments using little more than a mobile phone and a printed QR code, reducing reliance on cash and expanding their customer base.
None of these services can be delivered by a single institution acting alone. They emerge through collaboration among fintechs, banks, insurers, mobile network operators, and payment infrastructure providers. Each participant contributes different strengths, while common standards and interoperable systems enable them to work together. When barriers to participation are lowered, and collaboration is encouraged, payment infrastructure becomes a foundation for innovation, financial inclusion and economic development.
Evolving the Rules
Regulation has played a deliberate role in embedding collaboration within Ghana’s financial sector. The Payment Systems and Services Act, 2019 (Act 987), established a licensing framework for payment service providers and electronic money issuers. It brought non-bank innovators under the supervision of the Bank of Ghana and created a clear pathway for their participation in the formal financial system. Today, dozens of institutions operate under this framework, contributing to a more diverse and dynamic payments landscape.
The Act also recognises that innovation is most effective when it draws on the strengths of different market participants. Providers seeking to offer credit, savings, insurance or investment products must do so in partnership with a licensed bank. Collaboration is built into the regulatory framework through the licensing and partnership requirements established by the Act. Building on this foundation, a more recent directive, opened to applicants in late 2025, extends regulatory oversight to Ghana’s rapidly growing digital lending sector. The framework introduces stronger consumer protection requirements and requires lenders to report to credit bureaus. This allows borrowers to establish recognised and portable credit histories. For a trader restocking a market stall or a young worker applying for a first loan, that record can make the difference between exclusion and opportunity.
Strengthening the Enablers
Partnerships of this kind can endure only when the rules are fair, transparent and consistently applied. Four principles are particularly important:
- Interoperability: Payment systems must remain open and interoperable so that all providers can connect and transact seamlessly. No institution should be excluded because of proprietary standards or closed networks.
- Fair Competition: The ecosystem should create room for both established institutions and emerging innovators to compete on equal terms. Commercial arrangements should encourage innovation rather than concentrate market power in the hands of a few dominant players.
- Consumer Protection: Trust is central to digital finance. Customers must be protected through transparent pricing, strong data privacy safeguards, and accessible mechanisms for resolving disputes.
- Security and Fraud Prevention: As digital transactions increase in scale and complexity, safeguarding the system becomes a shared responsibility. Regulators, financial institutions, fintechs, and technology providers must work together to strengthen cybersecurity, combat fraud and maintain public confidence.
These enablers require continual adjustment as technologies evolve, new business models emerge and consumer expectations change.
Conclusion
Ghana has made significant progress in building the foundations of a modern digital payments ecosystem. The core infrastructure is in place, the regulatory framework continues to evolve, and the country has demonstrated a strong capacity for digital innovation. The challenge now is to ensure that innovation, investment, and collaboration continue to translate this foundation into practical benefits for households and businesses across the country.
If banks, mobile network operators, fintechs, and the Bank of Ghana continue to collaborate in an open, fair, and interoperable environment, the benefits of innovation and investment will extend beyond the financial sector. Ultimately, the next phase of Ghana’s payments journey will be defined by how effectively the ecosystem builds on existing systems to create lasting value for every Ghanaian.
By Nana Aforo Akosua Newman
Head, Project Management Office at GCB Bank PLC
Digital Frontiers Institute Alum
Learn more about our Regulating and Governing Instant and Inclusive Payment Systems course.
(Article originally shared on Digital Frontiers Institute on 19 August 2026)