Reaching the last mile remains one of the biggest challenges in expanding access to financial services across Ghana. In the Central Region, where some communities still lack mobile money services, ReFinD introduced a promising pilot aimed at narrowing that gap. Through the Mobile Money Agent Network Expansion and Productivity project, researchers are supporting mobile money agents to reach remote, underserved areas—places often overlooked due to the high cost and logistical effort involved.

ReFinD has launched Ghana’s first-ever census on digital financial services (DFS) adoption among businesses, marking a significant milestone in the country’s digital landscape. The landmark report -- Firms and Digital Payments: Evidence from Censal Microdata – is the result of a collaboration between ReFinD, ISSER and the Ghana Statistical Service (GSS). It offers an in-depth assessment of DFS adoption by over 1.9 million firms across Ghana.

ReFinD’s report on digital financial services (DFS) adoption among Ghanaian businesses delivers unprecedented insights into how 1.8 million firms across the country are engaging with digital payment solutions.

Drawing on comprehensive data from the Integrated Business Establishment Census (IBES) 2024, the groundbreaking study examines the factors influencing DFS usage across Ghana’s diverse and dynamic business ecosystem. It assesses how firm size, sector, formality, geographic location, and gender dynamics shape digital payment adoption.

ReFinD has released the report “Firms and Digital Payments: Evidence from Censal Microdata,” providing the first census-level assessment of digital financial services (DFS) adoption among 1.8 million firms in Ghana.

Based on data from the 2024 Integrated Business Establishment Survey (IBES), the study explores key trends, drivers, and barriers to DFS adoption. It highlights widespread use of personal mobile money accounts, the growth benefits of merchant accounts, and challenges such as knowledge gaps, fraud concerns, and limited perceived returns.

The Institute of Statistical, Social and Economic Research (ISSER), in collaboration with the ReFinD Research Initiative (ReFinD) and the Ghana Statistical Service (GSS), is set to launch the first-ever comprehensive census on digital financial services (DFS) adoption among businesses in Ghana. The landmark report, which will be launched on April 8, 2025, at ISSER, presents findings from the Integrated Business Establishment Census (IBES) 2024.

Facilitators from ISSER, Naara Rural Rural Bank and META Foundation in a group photo with participants

Participants at the workshop commended the study for helping them adopt digital tools to improve their businesses.