Ghana has been ranked as the best in the world for Mobile Money regulation, according to the 2024 GSMA Mobile Money Regulatory Index (MMRI).

Ghana scored 95.06%, improving on its previous score of 92.56% in 2023, which had placed it third globally behind Rwanda and Pakistan.

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

Other countries scoring above 90% included Brazil, Colombia, Iraq, Lesotho, Mexico, and Peru.

The report highlighted Ghana’s progress in financial inclusion, driven by its Mobile Money Interoperability (MMI) platform.

The platform developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS), forms part of GhIPSS’s broader financial inclusion framework, which has significantly increased financial inclusion rates from below 70% in 2023 to over 90% currently.

Despite these successes, the GSMA report raised concerns about the impact of consumer taxes, such as Ghana’s Electronic Transfer Levy (E-Levy), on mobile money adoption and financial inclusion.

The report also noted that such taxes have reduced transaction volumes and values, posing a risk to the progress made.

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%.