Mobile money outpaces fintech in Ghana’s digital finance

Kasi Insight's Banking Brand Intelligence tracker conducted annually, explores which financial service providers consumers recognize, currently use, might consider in the future, and would recommend to others. It investigates what drives consumers to choose specific financial services and what fosters long-term loyalty. In Ghana, the latest data from April 2025 reveals that despite growing familiarity with digital financial services like mobile money and specialized fintech apps, trust remains a significant barrier to adoption and advocacy.

When consumers were asked about their familiarity with these service providers, mobile money clearly stands out with high awareness and usage rates. 40% of respondents currently use mobile money services, with only 17% having used them in the past and stopped. Notably, only 0.2% of Ghanaians had never heard of mobile money underscoring near-universal awareness and a high level of user trust in these platforms.

In contrast, while 95% of respondents are aware of specialized fintech solutions like Zeepay or Hubtel, only 15% are active users today, and 32% have used them in the past but abandoned them. Just 5% are unaware of these services.

Gen Z lead the way in advocacy but still prefer mobile money

When it comes to trust and satisfaction, mobile money continues to outperform fintech across gender and age groups. Net Promoter Score (NPS) analysis shows that 29% of users would actively recommend mobile money, resulting in an overall NPS of -7. While this is slightly negative, it reflects a far better standing than that of fintech platforms.

Specialized fintech suffer from a major advocacy challenge. Despite similar levels of awareness, only 10% of users qualify as promoters, while nearly half are detractors driving an overall NPS of -36. Even Gen Z, the most optimistic cohort, scores fintech at -10, compared to a robust +30 for mobile money. The situation is even more stark among Gen X, where the NPS for fintech plunges to -74, and among Millennials, who rate fintech at -35. Gender dynamics show that women are slightly more trusting of mobile money than men, but equally cautious about fintech platforms. This data reveals that fintechs are struggling to convert interest into advocacy, a crucial step for growth and sustainability.

Trust is the new growth engine for fintech, and brands must rethink engagement, user experience, and support

Ghana’s digital finance market has undoubtedly made significant strides in building awareness, but trust remains the critical missing link, especially for specialized fintechs. While mobile money services benefit from strong familiarity and relatively higher user trust, evidenced by their superior Net Promoter Scores across all demographics, fintech platforms are clearly grappling with a substantial perception gap. Despite 95% of respondents being aware of fintech services, only 15% use them, and even fewer are willing to recommend them. This pervasive disconnect signals a lack of confidence that cannot be solved by visibility alone. If users aren't sticking around or advocating for these services, it indicates that the experience is falling short of expectations whether due to friction in onboarding, a lack of perceived value, or underlying safety concerns.

For fintech brands, trust must be intentionally embedded into every step of the user journey. That means simplifying sign-up processes, offering reliable and empathetic customer support, and prioritizing transparency and user safety. Special focus must be placed on segments showing the lowest NPS scores particularly women and Gen X users by addressing their unique concerns and experiences. On the other hand, mobile money players have a unique opportunity to solidify their dominant lead. This can be achieved by refining the user experience for their core customer base while strategically deepening loyalty among Gen Z and younger Millennials, who already demonstrate higher trust levels. In both cases, the future of digital finance in Ghana hinges not just on how many people know about your platform, but on how many trusts it enough to tell a friend.

Contact our team today to explore how our consumer intelligence can empower your decision-making process. Win with confidence with Kasi Insight. https://www.kasiinsight.com

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