Ghana is one of Africa’s most exciting digital finance markets. Mobile money has changed daily life; millions can send, pay bills, and save with ease. The Bank of Ghana reported record transactions in 2025, and mobile platforms now underpin everything from household expenses to small business growth. The cedi has depreciated, and people have lost confidence in traditional savings. Many people are looking for ways to preserve value and escape volatility.
This is a crossroads. Mobile money is delivering inclusion, but cryptocurrencies are getting attention as a hedge and high-risk opportunity. The question is, are these two forces closing the financial gaps or exposing Ghanaians to new risks?
How Global Platforms Inspire Local Interest
In Ghana, crypto use is quietly growing, especially among young adults and urban people who seek more ways to preserve wealth or find extra income. For some, that means not only buying coins, but also experimenting with prediction-style trading. Platforms such as Coin Futures present this possibility: they let users predict whether crypto prices will go up or down, and pick familiar coins like Bitcoin or Ethereum. Users can deposit via crypto or sometimes with credit cards, start quickly with minimal setup, and even cash out before markets fully move. All of this adds to how digital finance is diversifying beyond mobile money.
This blending of mobile money’s stability with the wider opportunities offered by global crypto platforms shows how Ghana’s financial sector is expanding, raising the question of whether these tools will complement each other or reshape access in unexpected ways.
Mobile Money’s Inclusion Dividend
Mobile money is a national success story. According to the Bank of Ghana’s FinTech Sector Report, there are more than 22 million active mobile money wallets, with monthly transaction values in recent months exceeding GHS 300 billion. Registered mobile money accounts had reached about 75.2 million by April 2025, with transaction values topping GHS 365 billion that month, far outstripping many banking transaction categories.
The Bank of Ghana’s latest sector report shows mobile money accounts now outnumber bank accounts by a wide margin. Transaction values are at an all-time high this year, and it’s a big contributor to the economy. For many, it’s not just convenient, it’s necessary.
Why Some Users Pivot to Crypto in 2025
Despite mobile money’s stability, Ghanaians are venturing into cryptocurrencies. The main reason is the cedi. With inflation still high, crypto seems to be a hedge. Some also see it as a way to make quick money, after hearing stories of friends or influencers who claim to have made money.
There’s also interest in using stablecoins to hold value in US dollars or to move money across borders without the costs of traditional remittance services. But the volatility of major tokens means these benefits are not guaranteed. For every trader who gains, many more lose when the price moves in the opposite direction.
Consumer Protection and Fraud Risks
Cybercrime and fraud are getting more visible. In early 2025, a political figure’s social media account was hacked to promote a crypto scam, and it made headlines, showing how scams prey on trust and visibility. Mobile money is not immune to danger, either. Fraudulent texts, agent collusion, and SIM-swap scams are still active, although banks and telcos have tightened up verification and reporting procedures.
What differentiates crypto scams is the scale and opacity. Once funds leave a wallet, recovery is almost impossible. These incidents highlight the need for oversight, consumer education, and technical safeguards.
The Regulatory Turn: From Warnings to Oversight
Until recently, Ghana’s approach to crypto was just warnings. In 2025, the Bank of Ghana has taken a more aggressive stance. Virtual asset service providers are now required to register, and the central bank has published guidelines on cyber and information security. It has also published risk assessments on money laundering and terrorism financing related to virtual assets, so it’s clear they are preparing for full supervision.
By extending licensing, disclosure, and compliance requirements to crypto service providers, regulators hope to stop illicit flows and protect consumers. It’s a move from passive warnings to active engagement.
Inclusion or New Inequalities
One of the big promises of digital finance is to close the gaps. Mobile money has delivered, reaching rural populations with basic phones. Cryptocurrencies, however, require smartphones, internet data, and technical know-how. This creates a divide.
There is also the risk that speculative use widens the gap. Those who can afford to take risks will profit, but low-income users who gamble on volatile assets will lose scarce resources. Without regulation and education, the promise of inclusion will morph into deeper vulnerability.
What a Balanced Policy Path Looks Like
The challenge for policymakers is to balance innovation with protection. Mobile money is still expanding, and its benefits should not be undermined. But the reality is, Ghanaians are already engaging with crypto, through stablecoins, tokens, or speculative platforms. Ignoring this will leave consumers exposed.
A balanced path would be the rapid rollout of the registration regime for crypto providers, targeted campaigns to raise awareness of risks, and ongoing consultations on cybersecurity standards. Ghana’s central bank has shown it can act fast. With regulation keeping pace, the country can enjoy the benefits of digital innovation without sacrificing stability.
Conclusion
Ghana is at a crossroads in digital finance. Mobile money is established as a tool for inclusion and daily economic life. Cryptocurrencies are both attractive and dangerous. Whether they will complement or undermine financial inclusion will depend on how regulation, education, and enforcement develop.
The evidence in 2025 shows mobile money is still closing the gap, and crypto’s contribution is still uncertain. With watchful eyes and consumer protection in mind, Ghana can use digital finance for the greater good without new risks overwhelming the progress made.
