The Regional Executive for Central, Eastern, and Southern Africa at Ecobank and Managing Director of Ecobank Kenya, Josephine Anan-Ankomah, has emphasized the transformative power of digital finance in expanding women’s access to financial services.
Speaking on the second day of the 2025 Aggrey-Fraser-Guggisberg Memorial Lectures at the University of Ghana, under the theme “From Barriers to Breakthroughs: Practical Solutions for Women-Centered Financing,” she highlighted the critical role of mobile banking and digital finance in promoting women’s economic independence.
“Gone are the days of waiting in long bank queues and filling out endless forms,” she stated. “With just a mobile phone, a woman can send money, save, or secure a loan—without ever stepping into a bank.”
Mrs. Anan-Ankomah underscored the urgency of leveraging technology to close the financial gap, noting that while 1.7 billion adults globally remain unbanked, two-thirds of them own mobile phones—an opportunity to dismantle longstanding barriers.
She pointed out that historically, women have been excluded from the financial system due to obstacles such as minimum balance requirements and limited access to physical banking locations. However, she asserted that mobile money has “eliminated these hurdles.”
Citing Ghana’s success in mobile banking adoption, she noted that financial access has surged from 22% in 2011 to 96% today, with digital finance empowering women and small businesses by improving transactions and providing easier access to credit and insurance.
While acknowledging these gains, she urged policymakers to take further action by simplifying digital onboarding, expanding mobile network coverage, and tailoring financial services to help women move beyond basic transactions to saving, investing, and wealth creation.
“Financial inclusion must go beyond just having an account. We must ensure that women thrive in the digital financial system, not just exist in it.”
Mrs. Anan-Ankomah also challenged financial institutions and fintech companies to take the lead in driving this transformation.
“I call on financial institutions to step up. We need to create mentorship programs, support women-led businesses, establish business associations, and form financial clubs.”
The 2025 Aggrey-Fraser-Guggisberg Memorial Lectures took place on March 13 and 14 at the Great Hall of the University of Ghana. The event was attended by the university’s Chancellor, Mrs. Mary Chinery-Hesse, Vice-Chancellor, Prof. Nana Aba Appiah Amfo, senior management, faculty, industry leaders, and students.
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Story by: Klenam Joachim | univers.ug.edu.gh
