Mobile Loans Drive Formal Borrowing Surge in Ghana

World Bank reveals 22% of Ghanaians borrow from mobile money to survive

A significant number of Ghanaian adults, 22% to be exact, are now taking out loans using mobile money. This trend has really pushed up the overall number of people borrowing from official sources, with 74% of adults now considered 'formal borrowers', according to the World Bank's 2025 Global Findex Report. The report specifically stated that "In Ghana, the rise in borrowing through a mobile money account between 2021 and 2024 drove an overall in…

Mobile Loans Drive Formal Borrowing Surge in Ghana

News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://www.newsghana.com.gh/mobile-loans-drive-formal-borrowing-surge-in-ghana/Ghana’s formal credit access has expanded significantly, with 74% of adult borrowers now using regulated channels, according to the World Bank’s Global Findex 2025 report. A key driver is mobile money lending, utilized by 22% of Ghanaian adults up sharply from prior years. The trend reflects broader f…