Ghana tops global rankings for Mobile Money system
Ghana has achieved a significant milestone in digital finance, earning the top spot globally in the 2024 GSMA Mobile Money Regulatory Index (MMRI).
The ranking, released by global telecom standard body GSMA, positions Ghana as the leader in mobile money systems, surpassing notable countries such as Qatar, Brazil, and El Salvador.
With a score of 95.06%, Ghana improved on its previous performance in 2023, where it ranked third globally with a score of 92.56%, behind Rwanda and Pakistan. This year, Rwanda followed closely in second place with 95%, while Qatar, Malawi, and El Salvador rounded out the top five.
Global Recognition for Ghana’s Mobile Money System
The GSMA MMRI is an interactive tool introduced in 2018 to assess the effectiveness of mobile money regulatory frameworks across 90 countries. The index evaluates performance in six key dimensions comprising 26 indicators:
- Authorisation
- Consumer Protection
- Transaction Limits
- Know-Your-Customer (KYC)
- Agent Networks
Ghana’s mobile money system achieved perfect scores in Transparency and Disclosure Requirements, Authorisation, and Consumer Protection, while scoring over 90% in Integrity and Oversight of Operation, Organisation and Governance.
The report highlighted Ghana’s robust Mobile Money Interoperability (MMI) platform as a key driver of its financial inclusion progress. Developed by the Ghana Interbank Payments and Settlement Systems (GhIPSS), the MMI allows seamless transactions between all mobile money wallets and bank accounts, enabling every mobile wallet to function as a bank account.
This system has significantly boosted Ghana’s financial inclusion rate, increasing it from below 70 percent in 2023 to over 90 percent in 2024. Ghana’s achievement reflects the country’s strategic focus on integrating its national identity system with financial institutions and telecommunications networks.
Former Vice President Dr Mahamudu Bawumia, a key advocate for Ghana’s mobile money interoperability framework, has often underscored the country’s progress in digital finance. The GSMA ranking is seen as a validation of the efforts by stakeholders to establish Ghana as a global leader in mobile money regulation.
Despite Ghana’s successes, the GSMA report raised concerns about the impact of consumer taxes, such as the Electronic Transfer Levy (E-Levy), on mobile money adoption and financial inclusion. The report noted that such taxes have reduced transaction volumes and values, posing a potential risk to the gains made in financial inclusion.
Ghana’s success is part of a broader trend of countries excelling in mobile money regulation. Other countries scoring above 90% included Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru. Ghana, however, stood out due to its exceptional regulatory framework and commitment to financial inclusion.
The GSMA MMRI’s recognition of Ghana underscores the country’s leadership in digital finance and sets a benchmark for other nations. Ghana’s mobile money system not only facilitates financial transactions but also enhances access to financial services, contributing significantly to the country’s economic development.
As Ghana continues to make strides in digital innovation, the challenge will be maintaining this leadership while addressing barriers such as consumer taxes that could undermine progress.