adverts
Ghana Tops GSMA Mobile Money Regulatory Index 2024
Ghana’s mobile money regulatory environment has been ranked as the best in the world, according to the GSMA Mobile Money Regulatory Index (MMRI) 2024.
The country achieved an impressive score of 95.06%, a 2.5 percentage point improvement from its 2023 score of 92.56%, where it placed third behind Rwanda (93.47%) and Pakistan (92.87%).
This year, Ghana surpassed Rwanda, which scored 95% to claim second place, while Pakistan dropped to seventh with 92.81%. Other countries in the top five were Qatar (94.21%), Malawi (93.88%), and El Salvador (93.75%).
adverts
The GSMA MMRI evaluates regulatory frameworks based on 40 indicators across six broad areas: Transparency and Disclosure Requirements (15%), Authorisation (25%), Consumer Protection (15%), Integrity (15%), Oversight of Operation, Organisation, and Governance (15%), and Policy Enablement (15%).
Ghana achieved full marks in transparency and disclosure requirements, authorisation, and consumer protection. It also scored over 90% in Integrity and Oversight of Operation and Organisation and Governance while recording about 84% in Policy Enablement.
The report particularly praised Ghana for implementing interoperability policies that have driven significant progress in financial inclusion.
The mobile money interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS), has played a critical role in bridging the financial inclusion gap. GhIPSS initiatives have increased financial inclusion from below 70% in 2023 to over 90% in 2024.
GhIPSS continues to lead the charge with innovations like the GHQR rollout and the GhanaPay mobile money wallet, which ensure affordable digital financial services for all Ghanaians.
Despite the accolades, the GSMA MMRI report raised concerns about the implementation of mobile money consumer taxes, such as Ghana’s electronic transfer levy (e-levy). These taxes have negatively impacted transaction volumes and values, potentially hindering financial inclusion efforts.
President John Dramani Mahama, elected recently, campaigned on a promise to scrap the e-levy. While this pledge has been met with optimism, financial experts warn that removing the e-levy could create a significant gap in domestic revenue.
Since its inception in 2018, the GSMA MMRI has provided an objective assessment of regulatory frameworks enabling mobile money services worldwide. In 2024, the index evaluated 90 countries, with Ghana’s regulatory environment standing out as a global benchmark.
The report also highlighted Ghana’s position as one of nine African countries with the most advanced instant payment systems, as noted in the 2024 State of Inclusive Instant Payments Systems (SIIPS) in Africa Report by the AfricaNenda Foundation.
