The number of Ghanaian adults with active mobile money accounts has doubled in the past year, and now stands at 17 percent of the adult population according to a new World Bank study on financial inclusion.
The study conducted by the World Bank's Consultative Group to Assist the Poor (CGAP) said Ghana's progress on mobile money is commendable, especially as the service was introduced barely half a decade ago.
According to CGAP Ghana is "the most digital financial services-ready country in Africa" when it comes to the key elements required for successful adoption: 92% of adults have the required ID necessary to open an account and 91% of Ghanaians already own a mobile phone (compared to only 74% and 72% in Kenya and Tanzania, respectively).
The Ghana Chamber of Telecommunications joined key stakeholders at a dialogue session organized by the World Bank Ghana office on Thursday 22nd January 2016, to discuss and deliberate on key findings, opportunities and challenges for mobile financial services.
Mobile Money Momentum in Ghana
The patronage of mobile money continues to gain momentum, as for the third year running the value of transactions has seen an astronomical jump — from GHC2.4billion as at 2013 to about GHC11.6billion in 2014, according to the Central Bank.
The value of mobile money transactions when put into perspective is more than a third of the total deposit liabilities of the 28 banks as at the end of last year, and shows the vital role telecom companies are playing to advance the central bank's cashlite economy agenda - and also ensure that the push for more financial inclusion is brought into the hands of millions of Ghanaians.
Currently, four of the six mobile telcos - MTN, Airtel, Tigo and Vodafone - are involved in the mobile money business, which has grown from a transaction value of GHC171million in 2012 to the multi-billion cedi sector it is now.
Other companies such as Afric Xpress and e-Transact Ghana are also riding on the back of mobile phone popularity with the country's estimated 26-million population, offering various services which allow people to remit money to relatives and friends through the device.
The growth of the transactions' value over the years corresponds with a similar trend in the volume of transactions. So far, the number of transactions has almost quadrupled since 2012: from 30 million to about 106.4 million in 2014.
CGAP (the Consultative Group to Assist the Poor) is a global partnership of 34 leading organizations that seek to advance financial inclusion. CGAP develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale. Housed at the World Bank, CGAP combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.
Source: Telecoms Chamber Communications Desk