Ghana has been ranked first globally for Mobile Money regulation in the 2024 GSMA Mobile Money Regulatory Index (MMRI), with a score of 95.06%. This marks a significant improvement from its 2023 score of 92.56%, which placed the country third, behind Rwanda and Pakistan.
Rwanda ranked second in 2024 with a score of 95%, while Pakistan fell to sixth place with 92.81%, behind Qatar (94.21%), Malawi (93.88%), and El Salvador (93.75%). Other countries with scores above 90% include Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru.
The report credited Ghana’s success to its Mobile Money Interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS). This platform has significantly boosted financial inclusion, raising the country’s financial inclusion rate from under 70% in 2023 to over 90% today.
However, the GSMA report also highlighted concerns regarding consumer taxes, such as Ghana’s Electronic Transfer Levy (E-Levy), which have impacted mobile money adoption. These taxes have resulted in reduced transaction volumes and values, potentially hindering further progress in financial inclusion.
About the GSMA Mobile Money Regulatory Index
The GSMA MMRI, introduced in 2018, provides an objective assessment of how regulatory frameworks support the growth of mobile money services.
The 2024 rankings evaluated 90 countries using 40 indicators grouped into six key areas including:
1. Transparency and Disclosure Requirements (15%)
2. Authorization (25%)
3. Consumer Protection (15%)
4. Integrity (15%)
5. Oversight of Operation, Organisation and Governance (15%)
6. Policy Enablement (15%)
Ghana achieved perfect scores in Transparency and Disclosure Requirements, Authorisation, and Consumer Protection.
The country also scored above 90% in Integrity and Oversight, with Policy Enablement registering about 84%.
