FinTech-Sector-Report-2026-Q1-2.pdf

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TITLE: Ghana's Bank of Ghana Publishes First Quarter 2026 FinTech Sector Report BODY: On March 31, 2026, the Bank of Ghana's FinTech and Innovation Department released its first quarter 2026 FinTech sector report, providing comprehensive data on Ghana's fintech ecosystem performance and activity across payment service providers and digital money issuers. As of March 2026, Ghana had 63 approved fintech entities operating across five license categories. Dedicated Electronic Money Issuers (DEMIs) comprised 11 percent of approved licenses, while Payment Service Providers (PSPs) dominated the sector at 71 percent, subdivided into Enhanced PSPs (8 percent), Standard PSPs (6 percent), Medium PSPs (3 percent), and Payment and Financial Technology Service Providers (PFTSP) at 3 percent. The fintech sector processed 2.81 billion transactions valued at 1.38 trillion Ghanaian cedis (GHS) in Q1 2026, representing increases of 37.6 percent in transaction volume and 28.5 percent in transaction value compared to Q1 2025. Mobile money platforms dominated activity, accounting for 94 percent of transaction value. Person-to-business (P2B) transactions led product offerings at 68 percent penetration, followed by business-to-person transfers at 58 percent and bank-to-wallet transfers at 50 percent. The mobile money customer base reached 26.9 million active users, while agent networks expanded to 524,000 active agents. Monthly float balances—representing total electronic money held in trust accounts—reached 39.58 billion GHS by March 2026, up 26.4 percent year-on-year. Agent-to-agent transactions comprised 40.1 percent of mobile money transaction value, while third-party transfers accounted for 24.2 percent. Person-to-business gaming and betting transactions represented 47 percent of P2B transaction value, with other bill payments comprising 41 percent. The report demonstrates sustained growth in Ghana's fintech sector, with transaction volumes and values showing consistent quarterly expansion. Market participants and stakeholders can access the full report through the Bank of Ghana's official publications channel for detailed product category breakdowns and transaction trend analysis.

PUBLIC FinTech Sector Report 2026 Q1 FINTECH AND INNOVATION DEPARTMENT FINTECH AND INNOVATION DEPARTMENT 1 PUBLIC PUBLIC 2026 Q1 Distribution of Approved FinTech Licenses by Category Dedicated Electronic PFTSP Money Issuer 11% 8% PSP Enhanced PSP Medium PSP 71% Standard 6% 3% *A total of 63 approved entities as of March 2026 Source: Approved Institutions – Bank of Ghana PUBLIC PUBLIC Approved DEMI & PSP Product Offering Penetration Person-to-Business (P2B) 68% Business-to-Person (B2P) 58% Bank-to-Wallet (B2W) 50% Business-to-Business (B2B) 48% Wallet-to-Bank (W2B) 48% Airtime Top-Up & Data Purchase 47% Inward Remittance Services 42% Peer-to-Peer Transfer (P2P) 38% Card Payment Processing Services 32% Person-to-Government (P2G) 27% Gaming & Betting 25% POS Deployment 18% Card Processing Services 18% Credit Scoring 17% Government-to-Person (G2P) 15% Insurance Products 13% Pension Products 13% Savings Product 12% Micro Credit / Digital Lending 10% Cash-out / Withdrawal (Agent) 8% Cash-in / Deposit (Agent) 8% Investment Products 8% Crowd Funding 7% e-KYC 7% ATM Withdrawal 3% PS: The product offering penetration captures the percentage of all approved / licensed PSPs PUBLIC PUBLIC Payment Service Providers Statistics (Dedicated Electronic Money Issuer - DEMIs) FINTECH AND INNOVATION DEPARTMENT 4 PUBLIC PUBLIC 2026 Q1 OVERVIEW 82.6m 25.8m 2.81bn 1.38tn 35.4bn 987k 524k 2.6% 3.1% 1.6% 0.3% 10.7% 2.9% 6.8% *2026 Q1 performance vs 2025 Q4 FINTECH AND INNOVATION DEPARTMENT 5 PUBLIC PUBLIC 2026 YTD OVERVIEW 82.6m 25.8m 2.81bn 1.38tn 35.4bn 987k 524k 10.6% 8.0% 28.5% 37.6% 26.0% 9.0% 27.7% *2026 Q1 performance vs 2025 Q1 FINTECH AND INNOVATION DEPARTMENT 6 PUBLIC PUBLIC Total Industry Transactions: 2026 Q1 vs 2025 Q1 Total Transaction Value (GHS) Total Transaction Volume 1,377.38 2.81 bn +28.3% +37.6% 2.19 bn GHS 1,001.01 bn 1,280.11 2.64 bn (92.9%) (94.0%) 2.07 bn GHS 908.93 bn (94.6%) (90.8%) GHS 92.08 bn 97.27 0.12 bn 0.17 bn (9.2%) (7.1%) (5.4%) (6.0%) 2025 Q1 2026 Q1 2025 Q1 2026 Q1 DEMI Transactions PSP Transactions PUBLIC PUBLIC Total Industry Transactions: 2026 Q1 vs 2025 Q4 Total Transaction Value (GHS) Total Transaction Volume 2.81 bn 1,377.38 1,377.5 2.810 1,377.0 2.805 1,376.5 2.800 1,376.0 2.795 1,375.5 +0.3% 2.790 +1.4% 2.64 bn 1,375.0 2.785 (94.0%) 1,280.11 1,374.5 2.780 (92.9%) 1,374.0 2.775 1,373.24 1,373.5 2.77 bn 2.770 1,265.30 (92.1%) 2.61 bn 0.165 (94.2%) 0.17 bn 107.94 (6.0%) (7.9%) 97.27 0.16 bn (7.1%) (5.8%) 0.0 0.000 2025 Q4 2026 Q1 2025 Q4 2026 Q1 DEMI Transactions PSP Transactions PUBLIC PUBLIC Year-To-Date Industry Transaction Values by Product Categories Circulating transactions involves transactions that occur between wallets. These include Person-to-Person & Agent- to-Agent transaction Cash-Out involves the process of e-money withdrawals from a mobile money wallet at an agent location in Circulating Transactions 56.7% 58.0% exchange for physical cash Cash-In involves the process of cash deposits made into a mobile money wallet at an agent location in exchange for e-money Cash-in 9.5% 8.4% Digital-Out includes Airtime Top-Up, ATM withdrawals, x-net P2Ps, Bill Payments and Wallet to Bank (mobile money to Cash-out 11.2% 8.8% other digital forms) 11.5% Digital-In includes Bank to Wallet, Bulk Payments and Digital Out 9.3% Inward Remittance (other digital forms of mobile money) Digital In 8.3% 9.3% Others comprises of other mobile money transactions such Others 5.1% 4.0% as internal transfers etc 2025 Q1 Contribution 2026 Q1 Contribution PUBLIC PUBLIC Mobile Money Transactions – 2026 Q1 vs 2025 Q1 MOBILE MONEY TRANSACTION VALUE DISTRIBUTION MOBILE MONEY TRANSACTION VOLUME DISTRIBUTION 40.1% 24.2% Agent-to-Agent (A2A) 3rd Party Transfer 42.4% 18.6% 16.9% 16.1% 3rd Party Transfer Data/Product Purchase 13.0% 16.3% 7.3% 16.1% Cash-out Person-to-Person (P2P) 9.7% 15.7% 7.2% 12.9% Wallet-to-Bank (W2B) Airtime top-up 6.4% 15.5% 7.0% 8.7% Cash-in Cash-out 8.2% 11.1% 6.4% 8.4% Bank-to-Wallet (B2W) Cash-in 6.7% 10.1% 4.7% 4.4% Person-to-Person (P2P) Bank-to-Wallet (B2W) 3.9% 4.1% 3.3% 2.9% Others Person-to-Business (P2B) 4.5% 2.7% 2.2% 2.9% Business-to-Business (B2B) Others 1.8% 2.7% 1.3% 1.5% Business-to-Person (B2P) Wallet-to-Bank (W2B) 0.2% 1.3% 2026 Q1 2025 Q1 2026 Q1 2025 Q1 *Definitions of transaction types are provided in the glossary PUBLIC PUBLIC Mobile Money Transactions – 2026 Q1 vs 2025 Q4 MOBILE MONEY TRANSACTION VALUE DISTRIBUTION MOBILE MONEY TRANSACTION VOLUME DISTRIBUTION 40.1% 24.2% Agent-to-Agent (A2A) 3rd Party Transfer 40.3% 23.6% 16.9% 16.1% 3rd Party Transfer Data/Product Purchase 16.9% 14.6% 7.3% 16.1% Cash-out Person-to-Person (P2P) 7.4% 15.7% 7.2% 12.9% Wallet-to-Bank (W2B) Airtime top-up 7.1% 14.4% 7.0% 8.7% Cash-in Cash-out 7.2% 9.2% 6.4% 8.4% Bank-to-Wallet (B2W) Cash-in 6.6% 8.9% 4.7% 4.4% Person-to-Person (P2P) Bank-to-Wallet (B2W) 4.5% 4.3% 3.3% 2.9% Others Person-to-Business (P2B) 3.5% 2.9% 2.2% 2.9% Business-to-Business (B2B) Others 2.1% 3.2% 1.3% 1.5% Business-to-Person (B2P) Wallet-to-Bank (W2B) 0.9% 1.4% 2026 Q1 2025 Q4 2026 Q1 2025 Q4 *Definitions of transaction types are provided in the glossary PUBLIC PUBLIC Mobile Money Transactions (Value and Volume) +7.6% 518 +9% 520 1,000 982 +38% +26.3% 965 500 485 949 950 480 460 446 447 893 892 897 900 435 440 420 420 407 850 831 830 +9.5% 400 +11% 796 800 380 778 778 365 360 764 360 352 355 354 750 735 340 323 316 698 0 0 5 5 5 5 5 5 5 5 5 5 5 6 6 6 5 5 5 5 5 5 5 5 5 5 5 6 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - - - - - - - - - - - - - - - - - - - - - - - b e F r a M r p A y a M n u J lu J g u A p e S t c O v o N c e D n a J b e F r a M b e F r a M r p A y a M n u J lu J g u A p e S t c O v o N c e D n a J b e F r a M Total Value of transactions (GHS - Billions) Total Volume of Transaction (Millions) PUBLIC PUBLIC Number of Active Mobile Money Wallets (Customers and Agents) +2% 26.9 -3% 27.0 530 524 26.7 +8% 26.5 520 26.5 514 +28% 499 491 26.0 25.8 490 25.5 479 25.5 25.3 480 453 25.1 25.0 450 446 25.0 440 435 +1% 24.5 24.4 433 24.5 24.3 24.2 430 0% 424 423 23.9 24.0 420 414 23.6 411 411 0.0 0 5 5 5 5 5 5 5 5 5 5 5 6 6 6 5 5 5 5 5 5 5 5 5 5 5 6 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 b e F - r a M - r p A - y a M - n u J - lu J - g u A - p e S - t c O - v o N - c e D - n a J - b e F - r a M - b e F - r a M - r p A - y a M - n u J - lu J - g u A - p e S - t c O - v o N - c e D - n a J - b e F - r a M - Mobile Money Active Customers (Millions) Mobile Money Active Agents (Thousands) PUBLIC PUBLIC Monthly Float Balance 40 +26.4% +4.4% 35 ) S 39.58 H G ( s 35.62 35.35 n o 33.86 illiB +0.7% 32.08 32.58 30 31.03 29.50 28.06 28.17 27.44 28.86 28.43 27.85 0 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Float Balance *Float Balance refers to the total balance of electronic money on mobile money platforms or it cash equivalent held in trust accounts. PUBLIC PUBLIC Payment Service Providers Statistics (Enhanced, Standard, Medium and PFTSP) FINTECH AND INNOVATION DEPARTMENT 15 PUBLIC PUBLIC Overall Products Contribution: 2026 Q1 Top 10 Transactions by PSPs Total Transaction Volume Total Transaction Value (GHS) P2B_Aggregated Volume 80% P2G Value 48% B2P Volume 5% P2B_Aggregated Value 30% B2W_Aggregated Volume 4% W2B_Aggregated Value 8% W2B_Aggregated Volume 3% B2W_Aggregated Value 5% P2G Volume 2% B2P Value 4% Airtime Volume 2% Inward Remittance Value 3% Data Purchase Volume 2% P2P Aggregated Value 1% Inward Remittance Volume 1% Data Purchase Value 1% P2P Aggregated Volume 1% B2B Value 0% B2B Volume 0% Others Value 0% PUBLIC PUBLIC Overall Products Contribution: 2026 Q1 cont’d Person-to-Business (P2B) Transactions Breakdown Person-to-Business Value Breakdown (GHS) Person-to-Business Volume Breakdown P2B Gaming & Betting Value 47% P2B Gaming & Betting Volume 47% P2B Other Bill Pymts Value 41% P2B Other Bill Pymts Volume 35% P2B Savings Product Value 8% P2B Savings Product Volume 15% P2B Sch Fees Pymts Value 3% P2B Utility Bill Pymts Volume 1% P2B Utility Bill Pymts Value 1% P2B Insurance Products Volume 1% P2B Insurance Products Value 1% P2B Sch Fees Pymts Volume 0% P2B Crowd Funding Value 0% P2B Crowd Funding Volume 0% PUBLIC PUBLIC Monthly Total Transaction Value +20.0% 47.00 46.12 +17.7% 35.51 35.00 33.87 +4.9% 34.00 33.03 33.00 32.17 32.00 31.47 s 30.69 n 31.00 30.35 42.76 o 29.90 i l 30.00 29.60 l i B 28.78 33.93 ’ 29.00 31.65 28.34 S H 31.03 28.00 G 29.48 30.68 28.53 26.62 27.00 27.88 28.98 26.70 27.01 25.77 28.07 26.00 3.00 25.35 24.11 2.00 3.36 1.00 2.08 2.22 2.16 2.02 1.33 1.26 1.66 2.00 1.98 1.37 1.49 1.53 1.58 0.00 5 5 5 5 5 5 5 5 5 5 5 6 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - - - - - - - - - b r r y n l g p t v c n b r e a p a u u u e c o e a e a F M A M J J A S O N D J F M Merchant Transaction Value Customer Transaction Value PUBLIC PUBLIC Monthly Total Transaction Volume +10.4% 59.61 60.00 58.01 55.19 55.00 53.98 52.55 50.09 +39.7% 50.00 48.16 54.15 s +14.2% 46.08 51.85 n 45.06 o i l 45.00 50.52 49.13 l i M 42.67 42.74 48.34 42.09 45.49 40.76 43.40 41.37 40.00 41.04 37.36 38.88 38.77 37.17 38.58 5.00 34.17 6.15 3.19 3.79 3.97 4.02 3.60 3.51 4.70 4.76 4.60 4.20 4.67 4.85 5.45 0.00 5 5 5 5 5 5 5 5 5 5 5 6 6 6 2 2 2 2 2 2 2 2 2 2 2 2 2 2 - - - - - - - - - - - - - - b r r y n l g p t v c n b r e a p a u u u e c o e a e a F M A M J J A S O N D J F M Merchant Transaction Volume Customer Transaction Volume PUBLIC PUBLIC Appendices FINTECH AND INNOVATION DEPARTMENT 20 PUBLIC PUBLIC Appendix I - Glossary Total Transaction Volume: Total volume of successful transactions performed on the mobile money platform within the Month by an end user. Total Transaction Value (GHS): Total value of successful transactions performed on the mobile money platform within the Month by an end user. Airtime top-up: Airtime purchases/top-ups funded from customer wallets. Purchases of airtime that are funded by over-the-counter (i.e. at agent booths) payments are NOT included. Data Purchase: Data packs and/or bundle purchases funded from customer wallets. Purchases of data packs that are funded by over-the-counter (i.e. at agent booths) payments are NOT included. ATM Withdrawal: Account debits from customer wallets by way of e-value withdrawals / cash-outs at a bank’s automated teller machine (ATM). Bank to Wallet (B2W): Domestic bank account-to-mobile money wallet transfers that were made from a pre-registered bank account to a registered mobile money wallet. Wallet to Bank (W2B): Domestic mobile money wallet-to-bank account transfers that were made from a registered mobile money wallet to a pre-registered bank account. Business to Person (B2P): Domestic business-to-person transfers that were made between a business and/or corporate registered account and a registered mobile money wallet. Business to Business (B2B): Domestic business-to-business transfers that were made between a business and/or corporate registered wallet and another business and/or corporate registered wallet. Peer-to-Peer Interoperability (P2P): Domestic peer-to-peer transfers (i.e: off-net and/or on-net) that were sent from one registered customer wallet to another registered customer wallet. Person to Business (P2B): Domestic person-to-business transfers that were made between a registered customer wallet and a business and/or corporate registered wallet. PUBLIC PUBLIC Appendix I - Glossary cont’d P2B: Utility Bill Payments: (Electricity, Water, TV, Fixed Telephony): Total successful person-to-business transactions performed towards utility bill payments. Utilities include electricity, water, TV and fixed telephony bill payments. P2B: School Fees Payment: Total successful transactions performed towards the payment of school fees to education institutions (both government and private institutions) at all levels. This ranges from creche / daycare & nursery payments, first and second cycle institutions, tertiary institutions and fees for other professional qualification exams. P2B: Crowd Funding: Total successful transactions performed towards crowd funding activities. P2B: Insurance Products: Total successful transactions performed towards insurance premium and/or claims payment activities. P2B: Savings Product: Total successful transactions performed towards savings related products. P2B: Micro Credit: Total successful transactions performed towards loan disbursements and repayments of digital micro credit or lending products. P2B: Other Bill Payments: Total successful person-to-business Other Bill payment transactions performed within the Month. Transactions exclude the following; Utility payments, Crowd funding, Insurance products, Savings products, School fees payment, Micro credit Person to Government (P2G): Domestic person-to-government transfers that were made between a registered customer wallet and a government entity’s registered wallet. These include non-utility transactions/payments to government entities such tax payments, port and duty payments etc. Government to Person (G2P): Domestic government-to-person transfers that were made between a government entity’s wallet and a registered customer wallet. Transfers include payments such as government salary etc. Inward Remittance / International Money Transfer (IMT): Inward international remittance transfers that were made into registered customer wallets. Others: Other successful mobile money transactions such as internal transfers etc PUBLIC PUBLIC Appendix II - License Categories Dedicated Electronic Money Issuer (DEMI): Payment Service Provider (PSP - Scheme): Payment Service Provider (PSP - Enhanced): This category is for approved service providers This category is for approved service providers This category is for approved service providers with the following permissible activities: with the following permissible activities: with the following permissible activities: 1. Recruitment and management of agents 1. Domestic Card Brand Associations e.g. Gh- 1. All permissible activities for PSP-medium Link license 2. Creation and management of wallet 2. Switching & routing of payment transactions 2. Marketplace for financial services offered by 3. P2P On Net / Off Net and instructions duly regulated financial service providers 4. Cash-In and Cash-Out 3. Merchant acquiring and merchant 5. Wallet based domestic money transfers aggregation including transfers to and from bank 4. Payment processing accounts 5. Printing and personalization of EMV Cards 6. Investment, savings, credit, insurance and pension products (ONLY in partnership with 6. Inward International remittances services banks and duly regulated institutions) 7. Provide 3rd party payment gateways 7. Mobile money merchant acquiring services 8. Termination of Inbound International Money 8. Limited use closed loop virtual cards (funded Transfer via refunds, rewards & user’s other accounts) PUBLIC PUBLIC Appendix II - License Categories cont’d Payment and Financial Technology Service Payment Service Provider (PSP - Medium): Payment Service Provider (PSP - Standard): Provider (PFTSP): This category is for approved service providers This category is for approved service providers This category is for approved service providers with the following permissible activities: with the following permissible activities: with the following permissible activities 1. Connects to an Enhanced PSP to offer the 1. Connects to an Enhanced PSP to offer the A. NOTICE NO. BG/GOV/SEC/2020/14 following services following services B. Services provided by PFTP include: 2. All permissible activities for PSP-standard 2. Mobile payment Apps (Liability shift on PSP 1. Digital Product development, delivery license enhanced) and support services 3. Payment aggregation which is connected 3. Reserved for Ghanaians and wholly owned 2. Credit scoring predictive analytics to Enhanced PSP Ghanaian entities 3. AML/CFT centralised platform 4. Biller/Merchant Aggregation 4. Fraud Management services 5. POS Deployment 5. Know your Customer(KYC) and 6. Printing of non-cash payment instruments Customer Due Diligence (CDD) e.g. cheques authentication services 7. Mobile payment Apps (with liability shift on 6. Permitted to connect to DEMIs, PSPs, PSP Enhanced) Banks and Financial Institutions PUBLIC PUBLIC THANK YOU FINTECH AND INNOVATION DEPARTMENT 25 PUBLIC

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