Banking in Ghana
Ghana's banking sector has modernized significantly, with mobile money (MoMo) revolutionizing financial transactions. The 2026 Ghana Card requirement adds new requirements for all banking activities.
Major Regulatory Change (2026)
Ghana Card Now Mandatory:
- Bank of Ghana directive (October 2025, published January 2026)
- Ghana Card required for ALL bank transactions
- Applies to account opening and existing customers
- Biometric verification with liveness check required
- Affects Ghanaian citizens, permanent residents, and resident ECOWAS nationals
- Foreign nationals may face challenges - check with specific banks
Opening a Bank Account
Requirements for Foreign Nationals:
- Valid passport
- Ghana Card (if eligible) or alternative ID
- Residence permit (typically required)
- Proof of address (utility bill, lease agreement)
- Passport photos
- Initial deposit (varies: GHS 50-500/$4.50-45)
- Some banks offer non-resident accounts with different requirements
Recommended Banks for Expats:
| Bank | Why It's Good |
|---|---|
| Ecobank | Pan-African network, expat-friendly |
| Stanbic Bank | South African-owned, good service |
| Standard Chartered | International bank, premium services |
| GCB Bank | Largest local bank, digital services |
| Fidelity Bank | Good digital banking |
| Access Bank | Growing network |
Digital Account Opening
GCB Mobile App: Open accounts, invest, and manage finances entirely from smartphone
Bank of Africa BMobile: Dial *840# or use app for account opening and services
Important: Digital onboarding requires Ghana Card and biometric liveness check
Mobile Money (MoMo)
Absolutely essential in Ghana - used more than cards or bank transfers.
Major Providers:
- MTN MoMo: Most popular, widest acceptance
- Vodafone Cash: Second largest
- AirtelTigo Money: Growing network
Uses:
- Person-to-person transfers
- Bill payments (utilities, schools, services)
- Online shopping
- Taxi/ride-hailing payments
- Small merchant payments
- Buying airtime and data
How it works:
- Linked to mobile number
- Cash in/out at agents nationwide
- Transfer limits: up to GHS 10,000 ($900) daily
- Minimal fees: 0.75-1% for transfers
Setting up MoMo:
- Buy SIM card from MTN/Vodafone
- Register with ID (Ghana Card or passport + residence permit)
- Activate MoMo service
- Visit agent to load initial cash
- Set PIN and you're ready
Bank Fees and Services
Account Maintenance: GHS 0-30 ($0-2.70) monthly
ATM Withdrawals: Own bank free, other banks GHS 5-10 ($0.45-0.90)
International Transfers: $15-40 per transfer
Debit Cards: GHS 20-50 ($1.80-4.50) issuance
SMS Alerts: GHS 5-10 ($0.45-0.90) monthly
International Money Transfers
Popular Services:
- Western Union: Widely available
- MoneyGram: Common at banks
- Ria: Growing presence
- WorldRemit: Online platform
- Wise: Competitive rates (if supported)
- Remitly: Good for USD/GHS
Costs: Typically 3-8% in fees and exchange rate markup
ATMs and Cards
ATM Availability: Widespread in cities, limited in rural areas
Card Acceptance: Visa and Mastercard widely accepted at hotels, restaurants, malls
Chip and PIN: Standard
Contactless: Limited availability
Foreign Currency
USD: Widely accepted at forex bureaus, some hotels
GBP, EUR: Accepted at forex bureaus
Exchange Rates: Better at forex bureaus than banks
Black Market: Avoid - use official forex bureaus
Pro Tips
- •Get Ghana Card as soon as eligible - mandatory for banking
- •Set up MTN MoMo immediately - essential for daily transactions
- •Keep some USD cash for emergencies and better forex rates
- •Use forex bureaus instead of banks for better exchange rates
- •Mobile banking apps are reliable - GCB, Fidelity have good ones
Have questions about banking in Ghana?