Access to financial services like loans, savings accounts, insurance, and payment services plays a vital role in risk mitigation and bringing households and communities out of poverty. Unfortunately, a significant proportion of Ghana’s population does not have access to financial services. The youth, women and other vulnerable populations, such as people with disabilities, are disproportionately affected. There is also regional disparity in access to financial services with the Central, Brong Ahafo, Volta and Northern Regions having less access. The barriers to financial inclusion in Ghana include financial illiteracy, poverty, high interest rates on loans, high charges of mobile and digital services, a lack of confidence in the legal system to seek redress, and weak financial infrastructure, such as payment systems and credit and collateral information systems.
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