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Ghana has secured the second position in Africa, just behind Côte d’Ivoire, in terms of the rapid expansion of mobile money services, according to the 2023 Oxford Economics Africa’s Report titled “The Africa Risk-Reward Index.” This achievement comes despite the presence of the Electronic Transfer Levy.
The report highlights that the value of mobile money transactions in Ghana, Cote d’Ivoire, and Senegal exceeds 100% of Gross Domestic Product (GDP). In particular, West African nations, particularly Senegal, Ghana, and Côte d’Ivoire, have been at the forefront of embracing mobile money services, reflecting a strong need and desire to leapfrog traditional financial infrastructure.
While the value of mobile money transactions in South Africa remains at less than 1% of GDP, Senegal and Ghana have seen mobile money transactions soar well above 100% of GDP.
When it comes to the number of mobile money accounts per 1,000 adults, Ghana secured the second position, with Côte d’Ivoire leading the way. In the category of mobile money agents per 1,000, Ghana again secured the second spot, with Senegal taking the top position.
The report sheds light on an interesting relationship between a country’s financial sector maturity and the adoption of mobile money services. This suggests a compelling need and desire to bypass traditional financial infrastructure in favor of mobile money solutions.
In the first eight months of 2023, total mobile money transactions in Ghana reached an unprecedented 1.190 trillion cedis. The Bank of Ghana reported that there were 21.6 million active mobile money accounts as of August this year, with 556,000 active agents operating in the country.
The 2023 Oxford Economics Africa’s Report delves into various aspects, including the benefits and challenges of polarization in each African country, African-led security interventions, and the financial strategies African nations are employing to pave the way for the future.
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