ReFinD’s report on digital financial services (DFS) adoption among Ghanaian businesses delivers unprecedented insights into how 1.8 million firms across the country are engaging with digital payment solutions.

Drawing on comprehensive data from the Integrated Business Establishment Census (IBES) 2024, the groundbreaking study examines the factors influencing DFS usage across Ghana’s diverse and dynamic business ecosystem. It assesses how firm size, sector, formality, geographic location, and gender dynamics shape digital payment adoption.

ReFinD has released the report “Firms and Digital Payments: Evidence from Censal Microdata,” providing the first census-level assessment of digital financial services (DFS) adoption among 1.8 million firms in Ghana.

Based on data from the 2024 Integrated Business Establishment Survey (IBES), the study explores key trends, drivers, and barriers to DFS adoption. It highlights widespread use of personal mobile money accounts, the growth benefits of merchant accounts, and challenges such as knowledge gaps, fraud concerns, and limited perceived returns.

The Institute of Statistical, Social and Economic Research (ISSER), in collaboration with the ReFinD Research Initiative (ReFinD) and the Ghana Statistical Service (GSS), is set to launch the first-ever comprehensive census on digital financial services (DFS) adoption among businesses in Ghana. The landmark report, which will be launched on April 8, 2025, at ISSER, presents findings from the Integrated Business Establishment Census (IBES) 2024.

Facilitators from ISSER, Naara Rural Rural Bank and META Foundation in a group photo with participants

Participants at the workshop commended the study for helping them adopt digital tools to improve their businesses.

Shaibu Haruna, CEO of MobileMoney Ltd, and Prof. Peter Quartey, Director of ISSER, symbolize their commitment to advancing financial inclusion with a firm handshake after signing a groundbreaking research partnership agreement

As we begin a new year, we take a moment to reflect on the remarkable achievements of 2024—a year filled with progress, partnerships, and impactful research that brought us closer to our mission of advancing financial inclusion. From fostering new collaborations to generating evidence that informs policy and practice, ReFinD has continued to play a pivotal role in shaping the financial systems of tomorrow. Here is our roundup of the stories worth celebrating.

Advancing knowledge on financial Inclusion

Mr. Tara Squire and Prof. Peter Quartey seal the partnership with a handshake after signing the landmark agreement to advance financial inclusion through research and innovation.