Ghana attain digital milestone as mobile money system ranked No.1 in the world
Ghana has been ranked number one country in the world in mobile money system by global telecom watchers GSMA.
In its latest ranking, Ghana emerged top of countries with the most efficient and regulated mobile money system in the world ahead of countries with remarkable mobile money systems such as Qatar and Brazil, in the Mobile Money Regulatory Index (MMRI) by GSMA.
The GSMA Mobile Money Regulatory Index which is an interactive tool that measures the effectiveness of mobile money regulatory frameworks of about 90 countries globally, was introduced by the global telecom standard giants GSMA.
The MMRI 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 analysed.
The six dimensions and 26 categories are:
Authorisation: eligibility, authorisation 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 synchronised 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, which makes every mobile money wallet functions as a bank account, thereby, also projecting Ghana’s financial inclusion index.
Many would see the confirmation of Ghana by the GSMA’s MMRI at number one globally, as a vindication of former Vice President, Dr. Mahamudu Bawumia, who championed the implementation of Ghana’s mobile money interoperability 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.