Chief Executive of payment services firm, eTranzact Ghana Limited, John Apea has indicated that limited digital infrastructure and low financial literacy are the main reasons Ghana is still a cash-based economy.
He was reacting to the 2023 KPMG West Africa Banking Industry Customer Survey which showed an uptick in customers utilizing financial technology platforms.
16 percent of respondents indicated using fintech platforms weekly, up from 10 percent in 2022.
Despite the substantial move towards digital channels, usage of cash for transactions was still dominant.
“We have limited digital infrastructure in the country, low financial literacy and low trust in the system of moving money digitally”, Apea told host of The MarketPlace on JoyNews, Daryl Kwawu.
He suggested more innovative products to convince customers to adopt digital transactions.
“The most important thing is to provide value. The way to make digital transactions attractive is education and awareness. We need to promote financial literacy and ensure we enhance security features. Infrastructure development is key”, he noted.
Mr. Apea also urged government and the private sector to make digital financial services affordable for users to promote its adoption.
Citing the reduction in the Electronic Transaction Levy rate as an example, he said the public will easily adopt these digital financial services if the cost involved is befitting.
“The way to go is to create a suitable policy for digital financial services”, Apea said.
The Chief Executive of the payment services provider eTranzact Ghana remains optimistic about the prospects of the fintech industry in 2024.
He urged players to build on integrity, trustworthiness, understand customer needs, and enhance customer experience, use artificial intelligence and new technology to advance the fintech industry.
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