74% Ghanaians borrow from mobile money to survive between 2021-2024

A growing number of Ghanaian adults—22%—are now taking out loans through mobile money, significantly boosting the country’s rate of formal borrowing, the World Bank’s 2025 Global Findex Report has revealed.

According to the report, 74% of Ghanaian adults are now classified as “formal borrowers,” a rise largely attributed to the increase in mobile money-based loans between 2021 and 2024.

“In Ghana, the rise in borrowing through a mobile money account between 2021 and 2024 drove an overall increase in formal borrowing over that period,” the report noted.

While borrowing levels are fairly equal between men and women across Ghana, Kenya, and Uganda, gender gaps in mobile money loan access persist. In Ghana, women are 4% less likely than men to borrow through mobile money—a smaller gap compared to Kenya (16%) and Uganda (13%).

The report also highlights borrowing disparities between income groups. Wealthier households are more likely to access mobile money loans than the poorest 40%, pointing to ongoing financial inclusion challenges.

For the first time, the Global Findex explored borrowing through digital credit that doesn’t involve a mobile money account, bank, or credit card.

In Sub-Saharan Africa, 3% of adults reported borrowing exclusively this way, compared to 1% globally.

Interestingly, all seven countries where at least 5% of adults engage in this type of borrowing are in Sub-Saharan Africa.

However, these loans are not yet recognized as “formal borrowing” due to limited adoption and uncertainty about the lenders involved.