Ghana has remarkably been ranked the number one country in the world in the latest ranking of countries with the most efficient and regulated mobile money system by GSMA.
Ghana, the only country in Africa with an interoperable mobile money system that allows for cross transactions between mobile money wallets and banks and vice versa emerged the first ahead of countries like Qatar and Brazilin the Mobile Money Regulatory Index (MMRI) by GSMA.
The GSMA Mobile Money Regulatory Index, introduced in 2018, is an interactive tool that measures the effectiveness of mobile money regulatory frameworks of about 90 countries globally that meet the key framework.
The Index includes six dimensions covering 26 indicators and Ghana’s mobile money system emerged the best after all six main dimensions and 26 broad categories were analyzed.
6 Dimensions And 26 Categories
The six dimensions and 26 categories are:
Authorization: eligibility, authorization instruments, capital requirements, international remittances.
Consumer protection: safeguarding of funds, consumer protection rules, deposit insurance.
Transaction limits: entry-level transaction limits, entry-level monthly limits, entry-level balance limits, maximum transaction limits, maximum monthly limits, maximum balance limits.
Know-Your-Customer (KYC): permitted identifications, KYC requirements, KYC proportionality.
Agent networks: agent eligibility, agent authorisation, agent activities, agent liability.
Investment and infrastructure environment: financial inclusion strategy, affordability, ID verification infrastructure, interoperability, settlement access, interest payments.
Ghana’s Mobile Money System
Ghana’s mobile money network is built on a robust national identity system which has synchronized unique national identities with financial institutions and telecommunication networks.
With transactions enabled between all mobile money wallets and all bank accounts, Ghana operates a unique system making every mobile money wallet function as a bank account, thereby, projecting Ghana’s financial inclusion index.
Bawumia Vindicated
Many people see the confirmation of Ghana by the GSMA’s MMRI as number one globally as a great vindication of former Vice President, Dr. Mahamudu Bawumia, who championed the implementation of Ghana’s mobile money interoperable system in the past eight years.
Dr. Bawumia continuously highlighted the volume of work done by stakeholders and the proud status of Ghana as a global leader in mobile money system.
