Ghana Leads Global Mobile Money Regulation Rankings in 2024
Ghana has officially been ranked as the best country in the world for mobile money regulation in the 2024 GSMA Mobile Money Regulatory Index (MMRI). With an impressive score of 95.06%, Ghana has risen from third place in 2023 (behind Rwanda and Pakistan) to the top spot globally.
Impressive Growth in Mobile Money Regulation
This year, Ghana surpassed Rwanda, which scored 95%, while Pakistan ranked sixth at 92.81%. Other countries with scores above 90% included Qatar (94.21%), Malawi (93.88%), El Salvador (93.75%), Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru.
Key Factors Behind Ghana’s Success
The Mobile Money Interoperability (MMI) platform developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS) has been a major driver of this success. This platform has significantly contributed to Ghana’s financial inclusion efforts, helping increase financial inclusion rates from below 70% in 2023 to over 90% currently.
Challenges and Concerns
Despite this remarkable achievement, the GSMA report highlighted a potential setback due to consumer taxes, such as the Electronic Transfer Levy (E-Levy), which has impacted mobile money adoption. The report pointed out that these taxes have led to a decline in transaction volumes and values, raising concerns about the future sustainability of the mobile money ecosystem in Ghana.
GSMA Mobile Money Regulatory Index Overview
The GSMA MMRI, first introduced in 2018, offers an objective evaluation of regulatory frameworks that support the growth of mobile money services. In the 2024 rankings, 90 countries were assessed using 40 indicators, categorized into six key areas:
- Transparency and Disclosure Requirements (15%)
- Authorization (25%)
- Consumer Protection (15%)
- Integrity (15%)
- Oversight of Operation, Organization, and Governance (15%)
- Policy Enablement (15%)
Ghana excelled in the areas of Transparency, Authorization, and Consumer Protection, achieving perfect scores in these categories. The country also scored highly in Integrity and Oversight, further cementing its position as a global leader in mobile money regulation.
A Step Forward for Financial Inclusion
Ghana’s commitment to enhancing financial inclusion through effective mobile money regulation serves as a model for other countries. While challenges remain, the nation’s continued progress reflects its dedication to improving access to financial services for all its citizens