Finance

Bawumia vindicated as Ghana is world number 1 in latest GSMA Mobile Money ranking

Ghana has remarkably been ranked the number one country in the world in the latest ranking of countries with the most efficient and regulated mobile money system in the world by GSMA.

Ghana, the only country in Africa with an interoperable mobile money system, which allows for cross transactions between mobile money wallets and banks, and vice versa, emerged number one ahead of countries like Qatar and Brazil, in the Mobile Money Regulatory Index (MMRI) by GSMA.

The GSMA Mobile Money Regulatory Index, introduced in 2018, is an interactive tool that measures the effectiveness of mobile money regulatory frameworks of about 90 countries globally that meet the key framework.

The Index 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.

SIX DIMENSIONS AND 26 CATEGORIES

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.

BAWUMIA VINDICATION

Many would see the confirmation of Ghana by the GSMA’s MMRI at number one globally, as a great vindication of former Vice President, Dr. Mahamudu Bawumia, who championed the implementation of Ghana’s mobile money interoperable 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.

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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