Ghana has been ranked as the world leader in mobile money regulation in the latest GSMA Mobile Money Regulatory Index (MMRI) for 2024, achieving an impressive score of 95.06%.
This marks a significant leap from its third-place position in 2023, where it scored 92.56%.
Rwanda, which led the rankings last year, placed second with 95%, while Pakistan, another top performer in 2023, slipped to sixth place with 92.81%.
Other countries in the top five included Qatar (94.21%), Malawi (93.88%), and El Salvador (93.75%).
Driving Financial Inclusion
Ghana’s top position reflects the transformative impact of its Mobile Money Interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS).
The platform has been instrumental in driving financial inclusion, increasing the rate from under 70% in 2023 to over 90% in 2024.
The success of the MMI platform is part of GhIPSS’s broader financial inclusion strategy, which aims to provide seamless and secure digital payment options across the country.
Challenges Amid Progress
Despite this remarkable achievement, the GSMA report flagged concerns over the effects of consumer taxes like Ghana’s Electronic Transfer Levy (E-Levy).
The report revealed that such taxes have dampened mobile money transaction volumes and values, posing a potential risk to the country’s progress in financial inclusion.
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Global Context
The GSMA MMRI, launched in 2018, evaluates the regulatory frameworks of 90 countries based on 40 indicators grouped into six key categories:
- Transparency and Disclosure Requirements (15%)
- Authorization (25%)
- Consumer Protection (15%)
- Integrity (15%)
- Oversight of Operation, Organization, and Governance (15%)
- Policy Enablement (15%)
Ghana achieved perfect scores in Transparency and Disclosure Requirements, Authorization, and Consumer Protection.
Additionally, it scored over 90% in Integrity and Oversight, with Policy Enablement registering around 84%.
What This Means for Ghana
Ghana’s top ranking underscores its leadership in mobile money regulation and highlights the country’s commitment to fostering a secure and inclusive digital financial ecosystem.
As the global mobile money landscape evolves, Ghana’s ability to address challenges like the impact of taxes will be crucial to maintaining its leadership position and ensuring sustained progress in financial inclusion.
