Report: Over 70% of Ghanaians Trust Mobile Money More Than Financial Institutions

Thursday, December 5, 2019

Afrobarometer Report on public confidence in the safety of Ghana’s financial institutions, following the clean up in the sector, indicates over 70% of Ghanaians trust mobile money more than other financial institutions.

The report put together by CDD-Ghana noted that in spite of the cleanup, 83% of Ghanaians still trust in banks, but the reputation of savings and loans, microfinance and traditional susu companies has declined considerably.

Only 8% of the 2,400 Ghanaians surveyed said they will save with savings and loans; another 8% trust in traditional susu, while 7% says they still trust microfinance companies.

Meanwhile, some 11% say they would rather keep their money at home instead of saving with any financial institution.

Photo courtesy of BBC World Service.

Source: Ghana Web (link opens in a new window)

Categories
Finance
Tags
emerging markets, financial inclusion, financial services, mobile money