According to the latest report from the Global System for Mobile Communications Association (GSMA), Ghana is the leader when it comes to the usage of the mobile money service in the West African Sub Region.
This comes from the GSMA Report on the Mobile Economy West Africa 2019.
From the eleven countries in the West African sub-region who are noted for their mobile money usage, Ghana recorded the highest growth. Ghana scored a value of 58%.
Ghana was then followed by Togo, scoring 45%. Nigeria came third with 44% and Burkina Faso coming fourth with a value of 43%.
Senegal scored 42%, Cote d’Ivoire 41%. Down the list, Benin scored 38%, Mali scored 35%, and Guinea 23%. Sierra Leone and Niger scored 20% and 16%, respectively.
The mobile money service keeps growing. The volume of transactions on Ghana’s Mobile Money platform increase from 2017 to 2018 reached GH¢1.4 billion, according to the Bank of Ghana.
In 2018, the Bank of Ghana reported that the value of transactions carried out on mobile money platforms had reached GH¢ 233 billion. In the previous year, the value of mobile money transactions was recorded at GH¢ 155 billion. Thus, the GH₵ 233 billion next year represented 43% growth in just a year,
Also from the bank of Ghana, mobile money accounts by the end of 2018 were 32 million. That was a 17.43% growth from the 23.9 million accounts in 2017.
And Ghana is not the only country seeing this growth. From the GSMA Report, “By the end of 2018, there were 133.6 million registered mobile money accounts in the region, an increase of 23 million over the previous year.”
The report went on to state that the spread of mobile money service is providing a “getaway to transformative service including healthcare, education, financial services, employment and social protection”.
It is thus spreading financial inclusion among Africans more than ever before.