Traders And Cusomers Embrace Cashless Payments Despite Potential Risks

Mobile Money, bank cards and QR payments are increasingly becoming part of everyday transactions in Ghana, as consumers and businesses turn to digital platforms for speed, convenience and, in some cases, security.

For traders, however, the shift is not always a matter of choice. Some say customers increasingly expect them to accept digital payments, even when the transactions come with risks and additional costs.

One trader told 3Music TV that customers sometimes do not have enough cash to pay for their purchases and therefore resort to mobile money. She said she waits for the transaction confirmation and checks her balance before releasing the goods.

For some traders, digital payments also reduce the risk associated with carrying cash.

One trader said theft is a concern, particularly on busy trading days, and that she sometimes deposits her sales into her mobile money wallet before leaving.

The growing use of digital payments is reflected in Ghana’s payment data. The Bank of Ghana says the value of transactions through the country’s payment service providers reached GH¢3 trillion in 2024, representing a 58% increase from the previous year. The volume of transactions also rose by 19% to about 8.1 billion.

Mobile Money remains a major part of this transition. Bank of Ghana data shows that the value of mobile money transactions continued to rise through 2025, while the number of active accounts remained above 24 million.

But the shift towards digital payments has not eliminated the problems associated with transactions.

One trader recounted how a customer mistakenly sent payment to the wrong number after missing a digit while entering the trader’s phone number. The trader said they only discovered the mistake after checking the recipient’s name and had to take back the items because payment had not been received.

Another trader said Mobile Money has become so common that businesses cannot easily reject it, even when customers use it to pay for high-value purchases.

Transaction charges are another concern for traders. Some say customers occasionally pay less than the required amount because of transaction costs, leaving businesses to be more careful about the amount they receive to protect their profit margins.

The Bank of Ghana has also identified fraud as a risk accompanying the growth of digital payments. Its 2024 fraud report said fraudsters were exploiting vulnerabilities in digital payment platforms, particularly through mobile money and social engineering tactics.

Despite these concerns, the wider payment system continues to move towards digital transactions. The Bank of Ghana’s 2025 Financial Stability Review reported significant growth in electronic payment alternatives, including a more than doubling of the value of transactions on the GhIPSS Instant Pay platform and strong growth in internet and mobile banking.

For consumers, the attraction remains largely practical. Digital payments allow people to make purchases without carrying cash and can make transactions faster and easier.

For traders, the transition means adapting to the changing habits of their customers while finding ways to manage transaction fees, fraud risks, network-related difficulties and mistaken transfers.

Ghana’s experience therefore suggests that the move away from cash is already well under way. But for many businesses and consumers, digital payments are not yet completely replacing cash. Instead, both systems continue to operate side by side, with people choosing whichever option is most convenient for a particular transaction.