According to the 2023 Oxford Economics Africa Report titled, “The Africa Risk-Reward Index”, Ghana placed second behind behind Côte d’Ivoire in Africa in terms of growth of mobile money services
According to the report, the value of mobile money transactions in Ghana, Cote d’lvoire, and Senegal are well above 100% of Gross Domestic Product.
This comes at a time when the country has implemented an electronic levy on mobile money transactions which was fiercely rejected by rejected by segments of the population in the country.
What They’re Saying
Segments of the report indicated that “Specifically, mobile money services have made more inroads in Africa than in any other region, with West African countries – namely Senegal, Ghana and Côte d’Ivoire – leading the way”.
“The uptake of mobile money services – indicative of the need (and desire) to leapfrog traditional financial infrastructure. The value of mobile money transactions in South Africa equates to under 1% of GDP, while the corresponding figures for Senegal and Ghana are well above 100% of GDP”, it added.
The country ranked second in terms of mobile money accounts per 1,000 adults, with Côte d’Ivoire taking the top spot.
Furthermore, with regard to mobile money agents per 1,000, Ghana was ranked second. Senegal placed first in this category.
According to the report, there appears to be a reverse correlation between a country’s financial sector development level and the adoption of mobile money services. This suggests a growing demand and preference for bypassing traditional financial infrastructure in favor of mobile-based alternatives.
By The Numbers
As of August 2023, Data released by The Bank of Ghana indicated that active mobile money accounts stood at 21.6 million, whilst active agents stood at 556,000.
Also, Total Mobile Money transactions in the country in the first eight months of 2023 hit a record 1.190 trillion cedis.
The 2023 Oxford Economics Africa’s Report analyzed both the advantages and drawbacks of polarization within individual African nations, African-led security interventions, as well as the strategies employed by African countries to fund their future development.
