The Ghana mobile money industry reached a transaction value of US$ 36.1 Billion in 2018. Analyst expects the market to reach a transaction value of US$ 204.3 Billion by 2024, growing at a CAGR of 32.5% during 2019-2024 according to The Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024 report by ResearchAndMarkets.com.
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 the use of the mobile money payment mode. 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.
Catalyzed by these factors, analyst expects the market to reach a transaction value of US$ 204.3 Billion by 2024.
