July 19, 2024
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Ghana’s mobile money growth 2nd in Africa – Oxford Economics Africa Report

Mobile money growth in Ghana is only second to Senegal’s in Africa, the 2023 Oxford Economics Africa’s Report, titled: “The Africa Risk-Reward Index” has revealed.

It said despite the presence of the Electronic Transfer Levy, mobile money transactions in Ghana, Côte d’Ivoire, and Senegal exceed 100% of the Gross Domestic Product. 

West African countries, particularly Senegal, Ghana, and Côte d’Ivoire, lead in the adoption of mobile money services, showcasing a preference for bypassing traditional financial infrastructure. 

Ghana ranks second in mobile money accounts per 1,000 adults and mobile money agents per 1,000, with Senegal securing the top spot in the latter category. 

The report notes an inverse relationship between a country’s financial sector maturity and the adoption of mobile money services. 

Ghana experienced a record 1.190 trillion cedis in total mobile money transactions during the first eight months of 2023, with 21.6 million active mobile money accounts and 556,000 active agents reported by the Bank of Ghana.

The 2023 Oxford Economics Africa’s Report delves into the challenges and advantages of polarisation, African-led security interventions, and the financing strategies of African countries for the future.

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