Mobile money has overtaken cash as the most widely used transaction method in Ghana, according to a nationwide survey data.
The Ghana Earnings & Savings Survey 2025 found that 51% of respondents primarily use mobile money for financial transactions, compared to 47% who rely on cash. Cheques were used by just 2%.
This reflects Ghana’s continuous embrace of digital finance, driven by the expansion of mobile platforms and growing trust in fintech. Yet, the findings also reveal that cash remains nearly as prevalent, highlighting both progress and challenges in achieving a fully cashless economy.
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The widespread use of mobile money has transformed financial access in Ghana. Previously underserved populations – particularly in rural areas – are now able to send, receive, and store money with relative ease.
“Our customers would benefit from network effects and from reduced transaction costs. Governments can also be optimistic that interoperability can help advance financial inclusion due to the ubiquitous nature of mobile and reduced transaction costs, as well as lower the cost of printing and managing cash,” Ing. Kenneth Ashigbey, Former CEO of the Telecoms Chamber.
Despite the growth of mobile money, cash remains deeply entrenched, particularly in informal markets and small-scale transactions. Vendors and transport operators still prefer physical currency in many cases, citing transaction fees and digital fraud risks as barriers.
The survey’s near-equal split between mobile money and cash users reveals a financial duality – that while digital platforms are gaining ground, cash is far from obsolete.
Industry watchers say the key challenge now is to strengthen trust and reduce costs in mobile money services. The report calls for continued investment in fintech infrastructure, broader consumer protections, and policies that encourage digital literacy.
Survey Methodology
A random sampling technique for representation was utilized across all 16 regions in the country. Using a Computer-Aided Personal Interview (CAPI) and Online Data Collection, a sample size of 1,255 respondents was engaged.