The Ghana mobile money market size reached US$ 161.3 Billion in 2023. Looking forward, the market is projected to reach US$ 789.5 Billion by 2032, exhibiting a growth rate (CAGR) of 19.30% during 2023-2032.
Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. It offers simple person-to-person transactions rather than complex banking transactions. It provides an easy, fast, secure and cost-effective way of making payment.
Ghana is one of the major African mobile money markets. The factors like increasing trend of convenience in service delivery, expansion in mobile money agent network and implementation of mobile money interoperability, are driving the mobile money market in the region. Various regulations and guidelines have also been implemented to strengthen and protect the mobile money system in the country. People in the country are preferring mobile payment mode in order to eliminate the threat of theft. Moreover, recent developments in mobile money interoperability have boosted the efficiency and accessibility to transfer the money easily for various applications.
The EMI (electronic money issuers) guidelines introduced by the bank of Ghana has contributed a lot to the growth of mobile money system in the region. In addition to this, various other factors are also accelerating the growth of the market such as government support, rising internet penetration, implementation of interoperability and increasing financial literacy.
2. What is the expected growth rate of the Ghana mobile money market during 2024-2032?
3. What are the key factors driving the Ghana mobile money market?
4. What has been the impact of COVID-19 on the Ghana mobile money market?
5. What is the breakup of the Ghana mobile money market based on the technology?
6. What is the breakup of the Ghana mobile money market based on the business model?
7. What is the breakup of the Ghana mobile money market based on transaction type?
8. Who are the key players/companies in the Ghana mobile money market?
Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers’ mobile phones. It offers simple person-to-person transactions rather than complex banking transactions. It provides an easy, fast, secure and cost-effective way of making payment.
Ghana is one of the major African mobile money markets. The factors like increasing trend of convenience in service delivery, expansion in mobile money agent network and implementation of mobile money interoperability, are driving the mobile money market in the region. Various regulations and guidelines have also been implemented to strengthen and protect the mobile money system in the country. People in the country are preferring mobile payment mode in order to eliminate the threat of theft. Moreover, recent developments in mobile money interoperability have boosted the efficiency and accessibility to transfer the money easily for various applications.
The EMI (electronic money issuers) guidelines introduced by the bank of Ghana has contributed a lot to the growth of mobile money system in the region. In addition to this, various other factors are also accelerating the growth of the market such as government support, rising internet penetration, implementation of interoperability and increasing financial literacy.
Key Market Segmentation
This report provides an analysis of the key trends in each sub-segment of the Ghana mobile money market report, along with forecasts for the period 2024-2032. The report has categorized the market based on technology, business model and transaction type.Breakup by Technology:
- USSD
- Mobile Wallets
- Others
Breakup by Business Model:
- Mobile Led Model
- Bank Led Model
Breakup by Transaction Type:
- Peer to Peer
- Bill Payments
- Airtime Top-ups
- Others
Competitive Landscape
The report has also examined the competitive landscape of the market and provides the profiles of the key players operating in the industry.Some of the key players include:
- MTN
- Vodafone
- Tigo
- Airtel
Key Questions Answered in This Report
1. What was the size of the Ghana mobile money market in 2023?2. What is the expected growth rate of the Ghana mobile money market during 2024-2032?
3. What are the key factors driving the Ghana mobile money market?
4. What has been the impact of COVID-19 on the Ghana mobile money market?
5. What is the breakup of the Ghana mobile money market based on the technology?
6. What is the breakup of the Ghana mobile money market based on the business model?
7. What is the breakup of the Ghana mobile money market based on transaction type?
8. Who are the key players/companies in the Ghana mobile money market?
Table of Contents
1 Preface3 Executive Summary9 Regulatory Framework
2 Scope and Methodology
4 Introduction
5 Ghana Mobile Money Market
6 Market Breakup by Technology
7 Market Breakup by Business Model
8 Market Breakup by Transaction Type
10 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- MTN
- Vodafone
- Tigo
- Airtel
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 120 |
| Published | April 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 161.3 Billion |
| Forecasted Market Value ( USD | $ 789.5 Billion |
| Compound Annual Growth Rate | 19.3% |
| Regions Covered | Ghana |
| No. of Companies Mentioned | 4 |
