Ghana has secured the top position in the 2024 Mobile Money Regulatory Index (MMRI), published by the global telecom standard body GSMA. Leading the world in mobile money adoption, Ghana surpassed 89 countries, including Qatar, Brazil, Rwanda, Mexico, and El Salvador, with an impressive score of 95.06. The top five countries also include Rwanda with 95 points, Qatar at 94.21, Malawi with 93.88, and El Salvador at 93.75.
Last year, Ghana ranked third globally with a score of 92.56%, behind Rwanda and Pakistan.
The GSMA MMRI, launched in 2018, is an interactive tool designed to assess the effectiveness of mobile money regulatory frameworks across 90 countries. The index evaluates performance across six key dimensions: Authorisation, Consumer Protection, Transaction Limits, Know-Your-Customer (KYC), Agent Networks, and Policy Enablement, with 40 indicators in total.
Ghana excelled in several areas, achieving perfect scores of 100 points in three critical categories: Transparency and Disclosure Requirements, Authorisation, and Consumer Protection. These strong results reflect the country’s commitment to fostering a secure and accessible mobile money environment.
However, Ghana’s overall score was slightly impacted by its performance in the Policy Enablement dimension, where it earned 83.75 points. This lower score is mainly attributed to the country’s mobile money taxation policies, particularly the E-Levy tax. The tax has been a key factor in Ghana’s lower rating in the Taxation category. Experts suggest that without these taxes, Ghana’s score could have been even higher, potentially boosting its global ranking further.
The GSMA MMRI’s recognition of Ghana highlights the country’s leadership in digital finance and sets a benchmark for other nations. Ghana’s mobile money system not only facilitates financial transactions but also improves access to financial services, playing a significant role in the country’s economic development.
Since its inception, the GSMA MMRI has evolved from 28 to 40 indicators, offering a more detailed and comprehensive view of how regulatory frameworks impact the growth and adoption of mobile money services worldwide.
