By Eugene Davis
Micro, small and medium-sized enterprises (MSMEs) need more affordable and reliable digital financial services, supported by better integration, to expand access to finance, digital and fintech professional Joseph Asamoah has said.
Although Ghana has made significant progress in digital payments, particularly through mobile money and interoperability, the next challenge is ensuring that businesses and consumers translate that progress into tangible economic benefits, he said in an interview with Business24/Investment Times.
“For MSMEs, we need to make digital payments more affordable, reliable and better integrated into how businesses actually operate,” Mr Asamoah said.
He argued that small businesses should be able to use their digital payment records, with appropriate consent and safeguards, to build financial profiles, improve access to credit and operate more efficiently.
Connectivity, affordability, digital literacy and consumer trust remain barriers to meaningful financial inclusion, particularly in underserved communities, he added.
The Bank of Ghana’s National Payment Systems Strategy for 2025–2029 identifies interoperability, instant payments, cybersecurity and modernisation of payment infrastructure as priorities for a more inclusive and secure financial ecosystem.
The challenge is increasingly how to translate the growth in digital transactions into improved access to finance for businesses. In August 2026, the Bank of Ghana highlighted the difficulty many small businesses face in obtaining affordable credit despite the expansion of digital payments, pointing to the potential of transaction records to help lenders assess creditworthiness.
Beyond mobile money interoperability
Mr Asamoah said Ghana must move beyond domestic payment interoperability towards integrating financial systems across African markets to support cross-border transactions.
This would require common technical standards, secure connections between financial institutions, compatible customer verification processes and stronger links with regional payment systems. Reliable settlement arrangements and sufficient liquidity would also be necessary.
For businesses trading across borders, the objective should be faster, simpler and more affordable payments, with transparent exchange rates and charges. Such integration must, however, maintain safeguards against money laundering, foreign-exchange violations, cyber threats and consumer abuse.
Differences in regulation, currencies and payment infrastructure can increase transaction costs and complicate cross-border trade. The Bank of Ghana has also called for stronger regional cooperation to address fragmented payment systems and support inclusive instant payments across Africa.
Better integration could help Ghanaian businesses settle transactions more efficiently and make it easier for fintechs to expand into other African markets. However, the benefits will depend on whether the systems deliver lower costs, reliable services, and practical access for smaller businesses, rather than connectivity alone.
