Antoinette Kwofie, Chief Financial Officer of MTN Ghana speaking, has underscored the revolutionary impact of mobile payments on financial inclusion in Africa, describing MTN’s Mobile Money (MoMo) platform as “the backbone of Ghana’s digital economy.”
Addressing the attendees in her keynote speech at the ENGAGE Africa – AfriCatalysts 2025 Conference, organised by AICPA & CIMA, Mrs Kwofie traced the continent’s journey from exclusion to inclusion, noting that “Africa is not lagging in financial innovation, it is leading.”
She recalled how, before mobile payments, access to banking in Africa was limited to a privileged few.
“High transaction costs, lack of documentation, and poor infrastructure kept millions financially invisible,” she said. “But today, a small tool that fits in the palm of your hand — the mobile phone — is transforming lives.”
The numbers tell the story
Citing GSMA 2024 data, Mrs Kwofie revealed that:
• Sub-Saharan Africa now holds over 1 billion mobile money accounts, processing 65% of global mobile money transaction value.
• Ghana ranks #1 globally for its mobile money regulatory framework.
• The combined GDP of countries with mobile money services is $720 billion higher than it would have been without them, representing a 1.7% GDP boost and in a dozen countries, including Ghana, the impact exceeds 5%.
MTN MoMo: From “Me Nsa Aka” to a digital-first economy
Tracing MTN Ghana’s MoMo journey since its 2009 launch, Mrs Kwofie said it had evolved through four phases, from simple person-to-person transfers to a digital-first platform that drives innovation, credit access, and financial inclusion.
She highlighted key achievements in the Ghanaian Fintech industry to include:
• Monthly transaction values rising from GHS13 billion in 2017 to GHS270 billion in 2024 — a 20-fold increase.
• Active agents expanding from 90,000 to over 404,000.
• Subscribers growing from 11.6 million to 73 million, with MoMo float jumping from GHS0.1 billion to GHS73 billion.
Narrowing in on her company, according to Mrs Kwofie, MTN MoMo’s impact extends far beyond transactions:
• Over 3 million people have accessed microloans through the platform.
• The ecosystem supports more than 60 fintechs, 400,000 agents, and micro-merchants.
• It has powered government payments, digital insurance, and remote lending, especially during crises like the pandemic.
“MoMo was not just a service during COVID-19,” she said. “It was a shock absorber.”
Challenges and the next frontier
Despite progress, challenges remain, including rising fraud, digital literacy and gender gaps. MTN Ghana, she said, is addressing these through AI-based fraud detection, agent incentive schemes, and inclusive outreach campaigns such as MoMoFest.
She also urged the ecosystem to shift from “more inclusion” to “better inclusion”, through responsible lending, savings tools for women in the informal sector, cross-border payments, and mobile-based investment access.
Closing her keynote address, Mrs Kwofie called for stronger partnerships between regulators, financial institutions, fintechs, and governments.
“No one can do this alone,” she said. “Africa’s financial future isn’t just digital — it’s inclusive, empowering, and unstoppable. Mobile payments lit the spark. Now it’s time to build the fire.”
“If we’re going to meet the bold goal of building a single market for our continents 1.5bn people, we need a seamless mobile payment platforms that allows for cross border interoperability,” she remarked.
“We need everyone to be a part. To scale this, we need governments, regulators, FSPs, MNOs, banks and all to come together to help create the Africa we want to see, a prosperous continent that is inclusive.
“We’ve come a long way but have further to go. We need to keep going till Africa’s unbanked population is less than 2% of adults above 16,” she further remarked.
AICPA & CIMA’s ENGAGE Africa 2025 is the global flagship event for finance leaders, management accountants, visionaries, and disruptors across the continent.
Held at Montecasino in Johannesburg, this premier gathering, taking place 21-23 October, explores how strategic innovation, sustainability, and digital finance are reshaping Africa’s financial landscape under the theme “AfriCatalysts – Where Connection Fuels Transformation in Finance.”
Asaase Broadcasting Company airs on Asaase 99.5 Accra, Asaase 98.5 Kumasi, Asaase 99.7 Tamale, Asaase 100.3 Cape Coast, AsaasePa 107.3 (Accra).
Affiliates: Bawku FM 101.5, Bead FM 99.9 (Bimbilla), Mining City Radio 89.5 (Tarkwa), Nandom FM 101.9, Nyatefe Radio 94.5 (Dzodze), Sissala Radio 96.3 (Tumu), Somuaa FM 89.9 (Gushegu), Stone City 90.7 (Ho) and Wale FM 106.9 (Walewale).
Listen online: asaaseradio.com, Sound Garden and TuneIn.
Follow us:
X: @asaaseradio995, @Asaase985ksi, @Asaase997tamale, @asaase1003, asaasepa1073
Instagram: asaaseradio99.5, asaase985ksi, asaase100.3, asaase99.7tamale, asaasepa107.3
LinkedIn: company/asaaseradio995. TikTok: @asaaseradio99.5
Facebook: asaase99.5, asaase985ksi, Asaase100.3, asaase99.7, AsaasePa107.3.
YouTube: AsaaseRadioXtra.
Join the conversation. Accra: call 020 000 9951/054 888 8995, WhatsApp 020 000 0995. Kumasi: call 059 415 7985 or call/WhatsApp 020 631 5260. Tamale: call/WhatsApp/SMS 053 554 6468. Cape Coast: call/WhatsApp 059 388 2652.
#AsaaseRadio
#AsaasePa
#TheVoiceofOurLand
