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HomeNewsGhana ranks second in Africa for mobile money services growth – Report

Ghana ranks second in Africa for mobile money services growth – Report

Ghana has secured the second position in Africa for the growth of mobile money services, following Côte d’Ivoire, as revealed in the 2023 Oxford Economics Africa’s Report titled “The Africa Risk-Reward Index.”

This noteworthy achievement is highlighted in the report, despite the presence of the Electronic Transfer Levy.

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The report further indicates that the value of mobile money transactions in Ghana, Côte d’Ivoire, and Senegal exceeds 100% of their respective Gross Domestic Product (GDP).

“Specifically, mobile money services have made more inroads in Africa than in any other region, with West African countries – namely Senegal, Ghana and Côte d’Ivoire – leading the way”.

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“The uptake of mobile money services – indicative of the need (and desire) to leapfrog traditional financial infrastructure. The value of mobile money transactions in South Africa equates to under 1% of GDP, while the corresponding figures for Senegal and Ghana are well above 100% of GDP”, it added.

When it comes to mobile money accounts per 1,000 adults, Ghana secured the second position, with Côte d’Ivoire taking the lead.

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In the category of mobile money agents per 1,000, Ghana achieved the second rank, while Senegal claimed the top spot.

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Ghana ranks second in Africa for mobile money services growth – Report 4

The report highlighted an interesting observation regarding the relationship between a country’s financial sector maturity and the adoption of mobile money services. It suggests an inverse correlation, indicating a strong inclination to leapfrog traditional financial infrastructure in favor of mobile money solutions.

In the first eight months of 2023, total mobile money transactions in Ghana reached an impressive milestone of 1.190 trillion cedis. The Bank of Ghana reported that there were 21.6 million active mobile money accounts as of August this year, accompanied by 556,000 active agents.

The 2023 Oxford Economics Africa’s Report delved into the benefits and challenges associated with polarization in African countries, African-led security interventions, and the financing strategies employed by African nations to prepare for the future.