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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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