Ghana has been ranked the world leader in Mobile Money regulation in the 2024 GSMA Mobile Money Regulatory Index (MMRI), scoring 95.06%, a significant improvement from last year’s 92.56% which placed it third.

This year, Rwanda ranked second with a score of 95%, while Pakistan came sixth. Other countries in the top tier include Qatar, Malawi, and El Salvador. Ghana’s rise to the top is largely attributed to the success of its Mobile Money Interoperability (MMI) platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS).

The MMI platform has been central to Ghana’s financial inclusion efforts, contributing to a dramatic increase in the country’s financial inclusion rate from under 70% in 2023 to over 90% currently.

However, the GSMA report also raised concerns about the impact of Ghana’s Electronic Transfer Levy (E-Levy), which has led to a decline in mobile money transactions and could potentially hinder future growth.

Despite these challenges, Ghana’s regulatory environment scored highly across the GSMA MMRI’s key indicators, including transparency, consumer protection, and authorization. Ghana’s strong performance reflects its continued efforts to build a robust and inclusive financial system.

The GSMA MMRI evaluates the regulatory frameworks of 90 countries, using 40 indicators grouped into six key areas, and serves as a benchmark for assessing how regulations support mobile money services.

Source:TheDotNews