Ghana is the world’s best mobile money regulator, according to the 2024 GSMA Mobile Money Regulatory Index (MMRI).
According to the Index, Ghana’s score of 95.06% improved from 92.56% in 2023, when it was ranked third globally, behind Rwanda and Pakistan.
Rwanda finished second with 95% this year, and Pakistan came in sixth with 92.81%, behind El Salvador (93.75%), Malawi (93.88%), and Qatar (94.21%).
Other nations that scored higher than 90% included Mexico, Peru, Lesotho, Iraq, Brazil, and Colombia.
Ghana’s advancements in financial inclusion, fuelled by its Mobile Money Interoperability (MMI) platform, were highlighted in the report.
As part of its larger framework for financial inclusion, the Ghana Interbank Payments and Settlements Systems (GhIPSS) developed the platform, which has helped to raise financial inclusion rates from less than 70% in 2023 to over 90% at present.
Notwithstanding these achievements, consumer taxes like Ghana’s Electronic Transfer Levy (E-Levy) and their effects on the uptake of mobile money and financial inclusion were questioned in the GSMA report.
Such taxes have decreased transaction volumes and values, which puts the progress made at risk, the report added.
The GSMA MMRI, introduced in 2018, provides an objective assessment of how regulatory frameworks support the growth of mobile money services.
Ghana received perfect ratings in Transparency and Disclosure Requirements, Authorisation, and Consumer Protection.
The country also received scores of more than 90% in Integrity and Oversight, with Policy Enablement at approximately 84%.
The 2024 rankings evaluated 90 countries using 40 indicators grouped into six key areas including:
- Transparency and Disclosure Requirements (15%)
- Authorization (25%)
- Consumer Protection (15%)
- Integrity (15%)
- Oversight of Operation, Organisation and Governance (15%)
- Policy Enablement (15%)
By: Rainbowradioonline.com/Ghana
