Ghana tops global rankings for mobile money regulation

Ghana has achieved a remarkable global milestone, being ranked as the number one country for mobile money regulation by the Global System for Mobile Communications Association (GSMA). This prestigious recognition places Ghana ahead of prominent countries like Qatar and Brazil, known for their advanced mobile money systems, according to the GSMA’s Mobile Money Regulatory Index (MMRI).
The MMRI, a comprehensive and interactive tool developed by the GSMA, assesses the regulatory frameworks of mobile money systems across 90 countries worldwide.
The latest rankings revealed Ghana as the global leader after excelling across six critical dimensions and 26 indicators of regulatory effectiveness.

A comprehensive evaluation framework
The MMRI evaluates countries on several dimensions, including authorisation, consumer protection, transaction limits, Know-Your-Customer (KYC) compliance, agent networks, and the investment and infrastructure environment.
Ghana’s mobile money regulatory framework emerged as the most efficient and robust after a detailed analysis of these areas.
Key aspects of the evaluation include authorisation processes, consumer protection measures like fund safeguarding and deposit insurance, and transaction limits designed to ensure inclusivity and security.
The index also examines the flexibility of KYC protocols, the effectiveness of agent networks, and the broader infrastructure supporting financial inclusion, affordability, and interoperability.

The strength of Ghana’s Mobile Money System
Ghana’s top ranking is underpinned by a well-structured mobile money ecosystem built on a robust national identity system.
The synchronisation of unique national identification with financial institutions and telecommunication networks has enabled seamless transactions between mobile money wallets and bank accounts.
This integrated system allows every mobile money wallet in Ghana to function as a bank account, significantly boosting financial inclusion across urban and rural areas.
The approach has reduced barriers to accessing financial services, allowing millions to participate in the formal economy.

A vindication of visionary leadership
The GSMA’s recognition is widely seen as a validation of the strategic leadership that drove Ghana’s mobile money revolution. Former Vice-President Dr. Mahamudu Bawumia has been credited with championing the implementation of Ghana’s mobile money interoperability system over the past eight years.
Dr. Bawumia consistently highlighted the critical role of technology in fostering financial inclusion, reducing transaction costs, and driving economic growth.
He lauded the collaborative efforts of stakeholders, including government agencies, telecom operators, and financial institutions, in making Ghana a global leader in mobile money systems.

Economic and social transformation
Ghana’s advanced mobile money system has had profound economic and social impacts.
By enabling secure and efficient financial transactions, the system has fostered business growth, particularly among small and medium-sized enterprises.
The interoperability of wallets and accounts has also made cashless transactions easier, promoting economic formalisation.
On the social front, mobile money has empowered individuals to save, invest, and access credit, transforming lives in underserved communities.
It has become a vital tool for remittances, utility payments, and even government disbursements, reinforcing its role in improving livelihoods and reducing poverty.

Ghana’s role as a global model
Ghana’s top ranking in the MMRI not only celebrates its achievements but also establishes the country as a model for others seeking to enhance their mobile money ecosystems.
By sharing its experiences and best practices, Ghana can lead the global dialogue on leveraging mobile money to drive financial inclusion and sustainable development.