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Ghana beats Rwanda, Brazil, and others to become first in global Mobile Money regulation

Ghana Flag New Old Ghana is the first in global Mobile Money regulation

Tue, 21 Jan 2025 Source: www.ghanaweb.com

The use of the Mobile Money interoperability platform and other financial inclusion initiatives in Ghana has led the country to become the global leader in mobile money regulation.

The mobile money interoperability platform, developed by the Ghana Interbank Payments and Settlements Systems (GhIPSS), has significantly increased the country’s financial inclusion rate.

According to reports, the financial inclusion rate has risen from below 70% in 2023 to over 90% currently.

This achievement was highlighted in the 2024 GSMA Mobile Money Regulatory Index (MMRI) report.

Ghana topped the rankings with a score of 95.06%, surpassing Rwanda, Pakistan, Brazil, Mexico, and other countries. Rwanda placed second with 95%, while Pakistan ranked sixth with 92.81%.

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

The GSMA MMRI provides an objective assessment of how regulatory frameworks support the growth of mobile money services.

It evaluated various indicators such as transparency and disclosure requirements, authorization, consumer protection, integrity, oversight of operations, organization and governance, and policy enablement.

Ghana also scored above 90% in Integrity and Oversight, with Policy Enablement registering around 84%.

SA/MA

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Source: www.ghanaweb.com
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