According to the latest report by IMARC Group, titled "Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Ghana mobile money market reached a value of US$
121.8 Billion in 2022. Mobile money refers to an electronic wallet service that is utilized by individuals via smartphones and cellular data. It enables users to make transactions using their mobile devices instead of using cheques, cards or cash. It is based on wireless technology, including QR code scanning, near field communication (NFC) and SMS-based transactional payment methods to facilitate a convenient and secure mode of payment. Additionally, it also offers flexible payment options to the customers as per their convenience. Apart from this, it provides easy refund policies, due to which they are gaining widespread prominence among the masses.
Ghana Mobile Money Market Trends:
The market is majorly driven by the penetration of high-speed internet connectivity across Ghana. Coupled with the expansion in the mobile money agent network and the widespread adoption of mobile devices among the masses, this is providing a boost to the market growth. Moreover, increasing investments by public and private firms for improving mobile money interoperability across Ghana are creating a positive outlook for the market. Also, the rising initiatives undertaken by the government of the country for regulating the mobile money system in order to eliminate the incidences of money laundering and theft across the country are also creating a positive outlook for the market. Additionally, continual technological advancements and the widespread integration of the banking, financial services, and insurance (BFSI) sector with artificial intelligence (AI) and big data are providing an impetus to the market growth. Other factors, including rapid digitization and the increasing literacy rate across Ghana, are further projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 590.7 Billion by 2028, expanding at a CAGR of
29.6% during 2023-2028.
- On the basis of the technology, the market has been segmented into USSD, mobile wallets and others. Currently, USSD holds the majority of the total market share.
- Based on the business model, the market has been bifurcated into mobile LED model and bank LED model. Presently, the mobile LED model accounts for the largest market share.
- On the basis of the transaction type, the market has been segregated into peer to peer, bill payments, airtime top-ups and others. Among these, peer to peer transaction type exhibits a clear dominance in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include MTN, Vodafone, Tigo and Airtel.
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