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The Ghana mobile money market reached a value of US$ 92 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 494 Billion by 2027, exhibiting a CAGR of 32.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Ghana mobile money market, along with forecasts for the period 2022-2027. Our report has categorized the market based on technology, business model and transaction type.
Breakup by Technology:
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Currently, USSD holds majority of the market share in the Ghana mobile money market.
Breakup by Business Model:
Currently, mobile led model holds the largest share in the Ghana mobile money 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:
Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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) |
The Ghana mobile money market was valued at US$ 92 Billion in 2021.
We expect the Ghana mobile money market to exhibit a CAGR of 32.5% during 2022-2027.
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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