Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The Ghana mobile money market size reached US$ 121.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 590.7 Billion by 2028, exhibiting a growth rate (CAGR) of 29.6% during 2023-2028.

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:
IMARC Group provides an analysis of the key trends in each sub-segment of the Ghana mobile money market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, business model and transaction type.

Breakup by Technology:

USSD
Mobile Wallets
Others

Currently, USSD holds majority of the market share in the Ghana mobile money market.

Breakup by Business Model:

Mobile Led Model
Bank Led Model

Currently, mobile led model holds the largest share in the Ghana mobile money market.

Breakup by Transaction Type:

Peer to Peer
Bill Payments
Airtime Top-ups
Others

Currently, peer to peer transaction type holds the highest share in the market.

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 2022?
2. What is the expected growth rate of the Ghana mobile money market during 2023-2028?
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?