Ghana Mobile Money Market Report and Forecast 2023-2028

Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A1449

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Market Overview:

The Ghana mobile money market size reached US$ 121.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 590.7 Billion by 2028, exhibiting a growth rate (CAGR) of 29.6% during 2023-2028.

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.

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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.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Ghana mobile money market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, business model and transaction type.

Breakup by Technology:

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USSD
Mobile Wallets
Others

Currently, USSD holds majority of the market share in the Ghana mobile money market.

Breakup by Business Model:

Mobile Led Model
Bank Led Model

Currently, mobile led model holds the largest share in the Ghana mobile money market.

Breakup by Transaction Type:

Peer to Peer
Bill Payments
Airtime Top-ups
Others

Currently, peer to peer transaction type holds the highest share in the market.

Competitive Landscape:

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:

MTN
Vodafone
Tigo
Airtel

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Technology, Business Model, Transaction Type
Companies Covered	MTN, Vodafone, Tigo and Airtel
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The Ghana mobile money market was valued at US$ 121.8 Billion in 2022.

We expect the Ghana mobile money market to exhibit a CAGR of 29.6% during 2023-2028.

The introduction of EMI (Electronic Money Issuers) guidelines by the Bank of Ghana, along with the growing adoption of mobile payment for conducting easy and fast payments, is primarily driving the Ghana mobile money market.

The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of mobile money over conventional cash-based methods across the nation to administer the financial transactions with minimal human interaction to mitigate the risk of the coronavirus infection.

Based on the technology, the Ghana mobile money market can be segmented into USSD, mobile wallets, and others. Currently, USSD technology holds the majority of the total market share.

Based on the business model, the Ghana mobile money market has been divided into mobile led model and bank led model, where mobile led model currently exhibits a clear dominance in the market.

Based on the transaction type, the Ghana mobile money market can be categorized into peer to peer, bill payments, airtime top-ups, and others. Among these, peer to peer transaction type accounts for the largest market share.

Some of the major players in the Ghana mobile money market include MTN, Vodafone, Tigo, Airtel, etc.

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