Tuesday, April 23, 2024

Banking And Finance Services

Banking And Finance Services

Ghana’s banking and financial landscape is quite saturated as compared to its counterparts in the sub region.

With a population of over 27 million as at January 2015, Ghana had as many as 29 banks, 137 Rural banks, 63 Non Bank Financial Institutions, 67 money lending institutions, 468 Microfinance institutions and 11 Financial NGOs in operation.

Despite the saturation, Ghana still has a huge population which is unbanked.

As at 2010 Ghana’s unbanked population stood at 70 percent but dropped to 59 percent in 2015.

Half of the expansion has been directly attributed to mobile money which was virtually nonexistent in 2009 but is now actively used by 25% of Ghanaians.