Ghana has been ranked as the number one country globally for having the most efficient and regulated mobile money system, according to the latest GSMA ranking.
As the only African nation with an interoperable mobile money system that facilitates cross-transactions between mobile money wallets and banks, Ghana topped the Mobile Money Regulatory Index (MMRI), surpassing countries like Qatar and Brazil.
Launched in 2018, the GSMA Mobile Money Regulatory Index is an interactive tool that evaluates the effectiveness of mobile money regulatory frameworks in over 90 countries worldwide. The index assesses six key dimensions across 26 indicators.
The Six Dimensions and 26 Categories
The six dimensions and 26 categories evaluated in the index are:
Authorization: eligibility, authorization instruments, capital requirements, international remittances.
Consumer Protection: safeguarding of funds, consumer protection rules, deposit insurance.
Transaction Limits: entry-level transaction limits, entry-level monthly limits, entry-level balance limits, maximum transaction limits, maximum monthly limits, maximum balance limits.
Investment and Infrastructure Environment: financial inclusion strategy, affordability, ID verification infrastructure, interoperability, settlement access, interest payments.
Ghana's Mobile Money System
Ghana’s mobile money system is built upon a strong national identity infrastructure that links unique national identities to both financial institutions and telecommunication networks. This seamless integration allows for transactions between all mobile money wallets and bank accounts, effectively making each mobile wallet function like a bank account. This innovative system has significantly boosted Ghana's financial inclusion.
Bawumia's Role
The GSMA's confirmation of Ghana's top ranking is seen by many as a validation of Dr Mahamudu Bawumia, former Vice President of Ghana, who played a pivotal role in the implementation of the country’s interoperable mobile money system over the past eight years. Dr Bawumia has consistently highlighted the collective efforts of stakeholders and Ghana’s prominent position as a global leader in mobile money.
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