Ghana Tops GSMA Mobile Money Regulatory Index for 2024
Ghana has secured the top position in the 2024 GSMA Mobile Money Regulatory Index with a 100% score, reflecting the country’s robust regulatory framework in the financial and telecommunications sectors. This achievement underscores the country’s significant strides in enabling widespread mobile money adoption and fostering financial inclusion.
As of 2024, Ghana recorded mobile money transactions amounting to GHS 1.9 trillion, further solidifying its status as a global leader in mobile money services. The GSMA Mobile Money Regulatory Index evaluates 90 countries based on the effectiveness of their regulatory frameworks in promoting mobile money adoption. The index is composed of three levels, with each scored on a scale of 0 to 100. Higher scores indicate a more enabling regulatory environment.
The index aggregates data across six dimensions and 40 indicators, which collectively measure the extent to which regulations support mobile money services. According to the GSMA, the index is grounded in data from prevailing regulations and regulatory instruments, ensuring an accurate reflection of the regulatory landscape at a specific point in time. However, scores are subject to change based on regulatory updates.
The GSMA defines mobile money as a service that enables the unbanked population to transfer money and make payments using mobile phones.
Key criteria for classification as a mobile money service include; accessibility to the unbanked population, availability of a physical network of transactional points outside of traditional bank branches and ATMs and a distinction from mobile banking or payment services like Apple Pay and Google Wallet, which are tied to traditional banking products
About the GSMA
The GSMA represents the interests of nearly 800 mobile operators worldwide, alongside 300 companies across the broader mobile ecosystem. The organization also hosts industry-leading events such as Mobile World Congress and the Mobile 360 Series.
Ghana’s success in topping the index highlights the nation’s commitment to leveraging mobile technology for financial empowerment, serving as a benchmark for other countries striving to enhance their regulatory frameworks and drive financial inclusion.
