Ghana Tops the World for Mobile Money Regulation in 2024
Leading the Charge in Financial Inclusion, But Challenges Loom with Consumer Taxes
- Ghana ranks first globally for Mobile Money regulation, achieving a score of 95.06%
- The country’s Mobile Money Interoperability platform has played a key role in increasing financial inclusion to over 90%
- Despite success, concerns about taxes like the E-Levy affecting mobile money growth remain
Ghana has been ranked number one globally in Mobile Money regulation, according to the 2024 GSMA Mobile Money Regulatory Index (MMRI).
With a score of 95.06%, Ghana has surpassed its 2023 performance of 92.56%, which had placed it third. This year, Rwanda claimed second place with 95%, while Pakistan ranked sixth.
The GSMA report applauds Ghana’s strides in financial inclusion, particularly driven by the Ghana Interbank Payments and Settlements Systems (GhIPSS) Mobile Money Interoperability (MMI) platform, which has boosted financial inclusion rates from below 70% to over 90%.
However, the report also raised concerns about the potential negative impact of consumer taxes like the Electronic Transfer Levy (E-Levy), which could slow the growth of mobile money adoption and financial inclusion.
The GSMA Mobile Money Regulatory Index, introduced in 2018, assesses regulatory frameworks across 90 countries, evaluating indicators such as transparency, consumer protection, and policy enablement.
Ghana scored perfectly in Transparency, Authorization, and Consumer Protection, solidifying its position as a global leader in mobile money regulation.
