The Ghana mobile money industry reached a transaction value of US$ 68.3 Billion in 2020. Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. It offers simple person-to-person transactions rather than complex banking transactions. It provides an easy, fast, secure and cost-effective way of making payment.
Ghana is one of the major African mobile money markets. The factors like increasing trend of convenience in service delivery, expansion in mobile money agent network and implementation of mobile money interoperability, are driving the mobile money market in the region. Various regulations and guidelines have also been implemented to strengthen and protect the mobile money system in the country. People in the country are preferring mobile payment mode in order to eliminate the threat of theft. Moreover, recent developments in mobile money interoperability have boosted the efficiency and accessibility to transfer the money easily for various applications. The EMI (electronic money issuers) guidelines introduced by the bank of Ghana has contributed a lot to the growth of mobile money system in the region. In addition to this, various other factors are also accelerating the growth of the market such as government support, rising internet penetration, implementation of interoperability and increasing financial literacy. Catalyzed by these factors, IMARC Group expects the Ghana mobile money market to grow at a CAGR of around 23% during 2021-2026.
Market Breakup by Technology
Currently, USSD holds majority of the market share in the Ghana mobile money market.
Market Breakup by Business Model
Currently, mobile led model holds the largest share in the Ghana mobile money market.
Market Breakup by Transaction Type
Currently, peer to peer transaction type holds the highest share in the market.
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry. Some of the key players include:
|Base Year of the Analysis||2020|
|Segment Coverage||Technology, Business Model, Transaction Type|
|Companies Covered||MTN, Vodafone, Tigo and Airtel|
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