Not long ago, getting a VISA or Mastercard with attendant multiple visits to Automated Teller Machines (ATMs) was both a ‘flex’ and routine for many Ghanaians. Long queues formed outside banks as people withdrew cash for transport, shopping, school fees, and everyday expenses. Carrying an ATM card in your wallet was as essential as carrying your Ghana Card.
But times are changing rather fast, folks.
ATMs are fast-becoming something they pass by rather than use. In fact, there are countless Ghanaians who have not withdrawn cash from an ATM in years. Yet, they still keep their debit or Visa cards-not because they need cash, but because those cards remain useful for online subscriptions, e-commerce purchases, hotel bookings, and international payments.
The rise of mobile money has quietly transformed Ghana’s payment landscape. Buying food, paying rent, settling utility bills, sending money to family, paying transport fares, purchasing airtime, and even paying taxes can now be completed with a mobile phone. Whether in Makola, Tamale, Ho, or a small village in the Upper East Region, MoMo has become the financial language that almost everyone understands.
This transformation raises an important question: Should banks continue investing heavily in building more ATMs in Ghana’s ‘Kpakpakpa’ economy?
No straight answer exists. Ghana remains largely an informal economy, with a significant proportion of businesses operating outside formal structures. Mobile Money has succeeded because it fits naturally into this environment. It does not require customers to travel to a bank branch, own expensive smartphones, or understand complex banking procedures. A market woman, taxi driver, a yellow package rider, carpenter, farmer, or street food vendor can send and receive payments instantly using a basic mobile phone.
For many ordinary citizens, Mobile Money has become the closest thing to a bank account.
Meanwhile, ATMs come with substantial sunk and operating costs. Banks must purchase the machines, secure suitable locations, provide electricity and internet connectivity, replenish cash regularly, insure the equipment, and maintain security around the clock. These costs continue whether the machine serves hundreds of customers a day or only a handful.
This does not mean ATMs have become irrelevant. They still perform important functions. Businesses occasionally require cash. Some government services still involve cash payments. Tourists often rely on ATMs to obtain local currency. Debit and credit cards remain essential for online shopping, international transactions, and many digital subscriptions. Cash itself is unlikely to disappear completely anytime soon.
The role of the ATM is changing nonetheless.
Cards and ATMs-the centrepieces of retail banking not long ago in Ghana, are gradually becoming complementary service points. The real battleground for banks is no longer who has the largest ATM network, but who offers the best digital banking experience. Customers now increasingly judge financial institutions based on the level quality service delivery.
Rather than deploying more ATMs, banks may achieve greater impact by investing in digital infrastructure, cybersecurity, merchant payment solutions, agency banking, and stronger partnerships with Mobile Money operators.
Concluding perspective
Practically speaking, the future of banking in Ghana is not a straight choice between ATMs and Mobile Money. Instead, it will belong to institutions that successfully integrate both into one seamless financial ecosystem.
Perhaps the ATM is not dying; it is simply finding its new place in a rapidly evolving financial landscape. In a country where financial inclusion has been driven more by mobile phones than by bank branches, success will no longer be measured by the number of ATMs standing on street corners, but by how easily people can access and move their money-anytime, anywhere, and on any device.
By D. K. Aggor