JABR Volume VI


Banking the Unbanked in Ghana


Naomi Kwetey, D.B.A., Livingstone Caesar, Ph.D., Daniel Appiah, M.Phil. and Collins Cobblah, M.B.A.


Financial inclusion is considered an emerging priority for many economies across the globe today because of its potential to speed up economic growth. Banking the unbanked in Ghana is a research endeavour seeking to provide wider access to financial products and services to the estimated 70 percent unbanked population in the country. For the purpose of this study, the research combined both qualitative and quantitative methodologies. The mixed-methods approach was used in order to present a descriptive account and an in-depth investigation of the factors accounting for people’s decision to bank. Data was collected by the use of questionnaires administered to unbanked participants as well as face-to-face interviews with selected individuals. The findings of the study revealed that social factors and firm factors both had significant and positive effects in predicting an individual’s intention to bank. On the contrary, however, personal factors were not found to be significant in predicting banking propensity. The study proposed three key strategic recommendations.


Banking, Unbanked, Financial Inclusion, Financial Access, Financial Literacy