Ghana one of the leading mobile money markets worldwide

Around 93% of Ghanaians are aware of mobile money, making it one of the leading markets in the world, according to Visa, the global payments technology company.

The research conducted by Visa Inc. and Fundamo, the Visa-owned mobile money platform, also revealed that MTN Ghana is the most recognised mobile money provider with 90% of people being aware of the brand.

The Visa study, the results of which were announced on Monday, suggests that the success of mobile financial services is determined by how deeply a mobile money provider understands its customers and tailors the service to the needs of consumers and mobile money agents – from service menus, to marketing and education.

According to the study, 88% of respondents in Ghana cited “safety of not having to carry around a lot of cash” as the primary benefit of mobile money, with speed of sending money (73%) the second most important benefit. The ability to quickly send money to family members (90%) is the principle intended use. Saving money for the family is the second highest rated intended use (69%), against an average of 52% across the countries surveyed. “Sending money to the wrong number” is the number one barrier to adoption in Ghana (62%).

Other highlights include:

67% of Ghanaians feel they have a “clear understanding of mobile money” “Ability to have cash and send it in case of an emergency” is considered a key benefit by Ghanaians (61%)

“Keeping spending for myself” also ranked as a high intended use in Ghana (46%)

“Ghana is one of the leading mobile money markets in the world. Industry players have worked hard to raise the awareness of mobile money services in order to drive financial inclusion among Ghana’s large unbanked population. This achievement underscores the remarkable progress that has been made,” said Aletha Ling, COO at Fundamo, a Visa Company. “Industry collaboration must continue to ensure Ghana remains a shining light of mobile money success”.

Visa surveyed nearly 2,500 individuals in six countries and 15 cities through a combination of field surveys, in-depth in-person interviews, and focus groups with men and women ages 18 to 44 years of age.

Respondents had to own a mobile phone. The study included both in-depth qualitative and quantitative research on money management needs, habits and practices as well as factors that need to be addressed for the successful adoption of mobile money services.

Particular focus was placed on understanding the needs of unbanked consumers as well as the needs of merchants and agents who will be offering mobile money in both urban and rural areas within these markets.

The Visa Mobile Money study analyzed the financial services needs and expectations of mobile money among nearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan.

The global study highlighted that consumers’ needs for financial services are far more sophisticated than previously believed and go well beyond the established transaction set offered by mobile money services today.