Mobile money drives formal borrowing in Ghana
By Solomon Nartey Tetteh
Twenty-two percent of adults in Ghana borrow from mobile money providers, according to the World Bank’s 2025 Global Findex Report.
The report reveals that 74 percent of adult borrowers in Ghana access credit through formal channels, with mobile money playing a growing role.
It notes that between 2021 and 2024, borrowing through mobile money accounts significantly contributed to the overall rise in formal borrowing in the country.
Despite similar overall borrowing rates across genders in Ghana, Kenya, and Uganda, the data show a gender gap in mobile money borrowing.
In Ghana, women are 4 percentage points less likely than men to borrow through mobile money. The disparity is even greater in Kenya and Uganda, where the gaps are 16 and 13 percentage points, respectively.
The report also highlights income-based disparities. Adults from the poorest 40 percent of households are less likely to borrow via mobile money compared to those from the wealthiest 60 percent.
The Global Findex survey included questions about digital credit sources beyond mobile money accounts. It asked whether respondents had applied for and received loans through mobile phones via other digital platforms.
In low- and middle-income economies, 1 percent of adults reported borrowing solely through such digital means outside of banks, credit cards, or mobile money accounts. In Sub-Saharan Africa, this figure stands at 3 percent.
The region is home to all seven countries globally where at least 5 percent of adults reported using mobile phones to access loans without engaging in any other formal borrowing.
The World Bank cautions that due to its small user base and uncertainty about providers, this type of borrowing is not yet classified as formal borrowing in the Global Findex 2025 report.
