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Harnessing Financial Innovation for Financial Inclusion in Ghana

In: Financial Sector Development in Ghana

Author

Listed:
  • Joshua Sebu

    (University of Cape Coast)

  • Eric Amoo Bondzie

    (University of Cape Coast)

  • Ewura-Adwoa Ewusie

    (University of Cape Coast)

  • Jonathan Tawiah-Mensah

    (University of Cape Coast)

Abstract

Financial innovation is robustly revolutionising financial inclusion and financial development, especially in sub-Saharan African countries. Given the extensive informal economy in the region, an urgent desire to ease financial transactions has become even more paramount. This chapter describes the nature and extent of financial innovation in Ghana. It presents an overview of how Ghana is harnessing financial innovation to facilitate financial inclusion. The emerging facts suggest that mobile money technology has resulted in the most expansive outreach of financial services. Although the widespread success of mobile money services is significant for financial inclusion, this chapter also highlights the insidious threat posed by accompanying fraudulent activities. Consequently, the overall success of the financial innovation drive would require a robust and sustained welfare-enhancing mechanism to produce a more satisfied clientele which would lead to a meaningful and positive financial development.

Suggested Citation

  • Joshua Sebu & Eric Amoo Bondzie & Ewura-Adwoa Ewusie & Jonathan Tawiah-Mensah, 2023. "Harnessing Financial Innovation for Financial Inclusion in Ghana," Palgrave Macmillan Studies in Banking and Financial Institutions, in: James Atta Peprah & Evelyn Derera & Harold Ngalawa & Thankom Arun (ed.), Financial Sector Development in Ghana, chapter 0, pages 55-80, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-09345-6_3
    DOI: 10.1007/978-3-031-09345-6_3
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