Ghana tops the global rankings for Mobile Money regulation.

Ghana has been ranked the top country globally for Mobile Money regulation, according to the 2024 GSMA Mobile Money Regulatory Index (MMRI). The country scored 95.06%, an improvement from its 92.56% in 2023, when it ranked third globally behind Rwanda and Pakistan.

This year, Rwanda ranked second with 95%, while Pakistan placed sixth with 92.81%, following Qatar (94.21%), Malawi (93.88%), and El Salvador (93.75%).

Other countries scoring over 90% included Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru. The report highlighted Ghana’s advancements in financial inclusion, particularly through its Mobile Money Interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS). This initiative has significantly boosted financial inclusion, increasing the rate from below 70% in 2023 to over 90% currently.

However, the GSMA report raised concerns about the impact of consumer taxes, such as the Electronic Transfer Levy (E-Levy) in Ghana, on mobile money adoption and financial inclusion. It noted that such taxes have led to reduced transaction volumes and values, which could threaten the progress made.

About the GSMA Mobile Money Regulatory Index:
Launched in 2018, the GSMA MMRI offers an objective evaluation of regulatory frameworks supporting the growth of mobile money services. The 2024 rankings assessed 90 countries using 40 indicators across six key areas:

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 received perfect scores in Transparency and Disclosure Requirements, Authorization, and Consumer Protection. It also scored above 90% in Integrity and Oversight, with Policy Enablement near the same mark.