Ghana trails behind Cote d’Ivoire in MoMo transactions
In the midst of regulatory hurdles and the imposition of an Electronic Transfer Levy, Ghana’s mobile money industry has emerged as a shining example of resilience and innovation in Africa. According to the 2023 Oxford Economics Africa’s Report, Ghana has secured an impressive second place in the region, trailing only behind Côte d’Ivoire, in terms of the growth of mobile money services.
The report, which delves into the complexities of Africa’s economic landscape, reveals that the value of mobile money transactions in Ghana, Côte d’Ivoire, and Senegal has soared to levels well above 100% of Gross Domestic Product (GDP). This staggering achievement underscores the undeniable significance of mobile money as a financial tool in these West African nations.
Notably, the West African trio of Senegal, Ghana, and Côte d’Ivoire has taken the lead in embracing mobile money services, surpassing other regions. The rapid uptake of these services signals a collective desire to leapfrog traditional financial infrastructure, enabling greater financial inclusion and accessibility.
In a curious twist, the report unveils an intriguing trend: an inverse relationship between the maturity of a country’s financial sector and the adoption of mobile money services. This suggests that nations with less developed financial infrastructure are more inclined to embrace the convenience and accessibility offered by mobile money.
In terms of mobile money accounts per 1,000 adults, Ghana once again secures a prominent second-place ranking, highlighting the widespread penetration of mobile money services among the population. Additionally, the country boasts a substantial network of mobile money agents, with a commendable second-place ranking in this category, second only to Senegal.
Perhaps the most staggering revelation is the meteoric rise in mobile money transactions. In the first eight months of 2023, Ghana achieved a remarkable milestone, with total mobile money transactions soaring to an astonishing 1.190 trillion cedis. This unprecedented surge underscores the robust and ever-expanding mobile money ecosystem within the nation.
As of August 2023, Ghana reported an impressive 21.6 million active mobile money accounts, with a vast network of 556,000 active agents facilitating transactions. These figures underscore the accessibility and widespread utilization of mobile money services across the country.
The 2023 Oxford Economics Africa’s Report provides a comprehensive examination of various facets of African nations, including the complexities of polarization, African-led security interventions, and the strategic financial preparations for an uncertain future.
Ghana’s mobile money sector stands as a resounding success story, defying regulatory challenges and setting new benchmarks for the broader African region. Its remarkable growth, widespread adoption, and undeniable impact on financial inclusion have positioned Ghana as a leader in the mobile money revolution, a narrative sure to continue evolving in the years to come.
