{
  "id": 9155868,
  "title": "Banks target informal businesses as Ghana pushes deeper into digital payments",
  "url": "https://urgent.news/2026/09/22/banks-target-informal-businesses-as-ghana-pushes-deeper-into-digital",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-22T14:24:32.000Z",
  "source": {
    "name": "Ghana Business News",
    "slug": "ghana-business-news",
    "url": "https://www.ghanabusinessnews.com/2026/09/22/banks-target-informal-businesses-as-ghana-pushes-deeper-into-digital-payments/"
  },
  "original_language": "en",
  "account": "Ghana's financial institutions, including banks, are intensifying efforts to engage the country's informal sector as digital payments gain traction. This intensified focus coincides with the country's swift move towards digital transactions, fueled by mobile money, instant payment systems, and digital banking platforms. During the launch of Visa Accept in Accra, representatives from Visa Ghana and Access Bank disclosed that despite the growth in digital payments, many small merchants are still outside the formal financial system. Visa Accept is a smartphone-based solution that enables merchants to accept contactless card payments via compatible mobile phones, eliminating the need for traditional cash-based point-of-sale terminals.\n\nFabrice Konan, the Country Head of Visa Ghana, explained that the initiative aims to tackle the challenge faced by thousands of small businesses that predominantly rely on cash transactions. He highlighted that the inability to accept electronic payments often leads to lost sales opportunities. The drive for digital adoption follows a surge in Ghana's digital payments sector. According to the Bank of Ghana's Payment Systems Oversight Annual Report 2025, mobile money transaction values surged by 50.8 percent to GH¢4.54 trillion in 2025, up from GH¢3.01 trillion in 2024. Active mobile money accounts also increased to 26.7 million, underscoring the rapid growth in the digital payments ecosystem.\n\nHowever, despite the proliferation of POS terminals, cash remains a dominant payment method, particularly among small and informal enterprises. With 80 POS terminals per 100,000 adults, there is a clear need for broader payment acceptance infrastructure. Eugene Ocansey, the Executive Director of Retail and SME Banking at Access Bank Ghana, emphasized that digital payment platforms could help address these challenges by providing formal merchants with verifiable transaction histories. This would enable financial institutions to better support the growth of informal businesses. Ocansey pointed out that transaction data from digital payments could aid in extending credit to previously underserved businesses, fostering a more inclusive financial system. He stressed the importance of merchant education and awareness to encourage the adoption of digital payment tools among small businesses. \"We need to convince the micro-merchant. We need to show them that accepting digital payments can help them make more sales and become part of the formal economy,\" he stated. By expanding payment acceptance, Ghana aims to enhance consumer convenience and stimulate economic growth by integrating more businesses into the formal financial system and broadening access to banking services.",
  "summary": "Financial institutions including banks are increasingly targeting Ghana’s informal sector as the country accelerates its transition towards digital payments. The post Banks target informal businesses as Ghana pushes deeper into digital payments appeared first on Ghana Business News .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}