This study investigates the impact of mobile money on Ghana’s Payment System. The result shows that there exists long-run stable relationships among the four variables under study. The study suggests that improvement in the mobile money sub sector leads to development of the payment ecosystem, deepening of financial inclusion and promotion of cash-lite economy. The empirical study also shows that factors that promote mobile money usage lead to deepening of the financial system and promote a cash-lite economy. The study therefore emphasizes the need for the Bank of Ghana to continue to deepen the payment system by leveraging on the widespread usage of mobile phones as alternative channels for access to finance to help support improvement in the monetary policy transmission mechanism.
