Ghana’s Mobile Money Success Story

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According to a World Bank report, about GH¢13 billion (about $3 billion) is accrued from mobile money transactions every month in Ghana, making the country a leader in sub-region.

Dubbed Global Findex Survey 2017 Report, it said 82 million transactions are also recorded on a daily basis from mobile money transactions while the number of registered and active mobile money agents presently stands at 151,000, about 25 percent increase since 2012.

Buddy Buruku, Head of Digital Markets at the World Bank said the substantial growth made by the country in mobile money services has seen Ghana catching up with Tanzania which is 7th ranked in Africa.

Kenya, the report said, is still the leader in Africa with nearly 80 percent of adults made or received digital payments which is almost twice the developing world average of 44 percent of adults.

According to Mrs. Buruku, “the regulatory revision of the financial services act to give more priority to payment systems have contributed to the growth of mobile money services.”

The survey revealed that 85 percent of mobile money agent growth happened after the promulgation of the law. 71 percent of active account growth and 79 percent of transaction volume growth also took place after the law had been amended.

Mrs. Buruku emphasized that there was no indicator to suggest that banks were suffering from the growth of mobile money services, adding banks should rather take advantage and grow their digital banking.

She added that mobile money services should be expanded to include agric payments, investments, remittances, utility payments, merchant payments, government payments and school fees payments.

Meanwhile, Ghana has become a success story in terms of financial inclusion over the last six years, as the share of adults with access to formal financial services account in Ghana grew from 29 percent in 2011 to 58 percent in 2017, the Findex Report revealed.

However, this, the report adds was largely derived from mobile money accounts as about 42 percent adult Ghanaians have mobile money accounts compared to about 16 percent having traditional accounts.

In Nigeria, the report said more than 30 percent of adults have bank accounts with traditional banks.

Globally, only about 4.0 percent of people have mobile money accounts. The story is however different in Sub Sahara Africa whereby 21 percent of people own mobile money accounts.

In Ghana, the gender gap is also about 8.0 percent. 52.0 percent of adult males have accounts compared to women.

With Ghana having launched mobile money interoperability last month, a move which allows transaction among different telco or mobile money operators, along with other proactive measures, many observers believe that the country could soon reach Kenya’s success story.



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