Yes. Because we are nerds. How?
There's no quick easy way yet. People have been discussing their own ways on how to go around this. You may wanna eavesdrop here. As much as I did look at their suggestions and I kinda laughed at myself because I've tried most of those and it didn't satisfy me.
I must say that the Python implementation of Git would pass for it, but I feel like its over engineering and adding an additional layer of complication and dependency to just using Git. The Java AIDE on the other hand could be nice, but I don't do Java anymore.
So, I'll share my quick and dirty workaround because it just works!
Get yourself a copy of ConnectBot on Google Play.
Don't tell me.. I'm sure you do have your own hosting, right? If not, this solution will not work for you.
Log into your server and get (or create new ones) ssh keys.
Test a clone of your repo on your server. Troubleshoot until you get the cloning working. You should have read/write access now.
Go to your phone and open ConnectBot. Import your private key into the app.
PS: If you feel like editing in a colorful environment, you probably shouldn't do this over the phone. This is only for cases of emergency. When you suddenly committed true = false because you didn't write your test. Get it??