Ghana Mobile Money Market Share, Industry Trends, Regional Analysis and Forecast 2022-2027

The latest report published by the IMARC group, titled “Ghana Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers comprehensive industry analysis, which includes market share information. The report also includes competitor and regional analysis, as well as contemporary market advancements.

The size of the mobile money market in Ghana reached a value of US$92 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$494 billion by 2027 , posting a CAGR of 32.5% in 2022-2027. Mobile Money is a digital technology that allows money to be stored, sent and received using different accounts or phone numbers linked to smartphones. It is a private, unaffiliated facility that is primarily operated by mobile money operators. Currently, mobile money uses various wireless technologies, such as Quick Response (QR) code reading, Near Field Communication (NFC), and SMS transactional payment methods. These methods enable instant transactions, reduce fraudulent activity including corruption or data breach, and provide monetary services. Therefore, mobile money is used to conduct person-to-person (P2P) and business-to-business (B2B) transactions.

To note: We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

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Mobile Money Market Trends in Ghana:

The Ghanaian mobile money market is primarily driven by the growing need for secure online payment applications that can facilitate cash transactions, recharges, bill payments, ticketing and purchase of goods. Additionally, growing penetration of high-speed internet connectivity, expanding mobile money agent network, and mass adoption of mobile devices are driving the market growth. Additionally, the introduction of EMI (electronic money issuers) guidelines and mobile money interoperability to improve the efficiency and accessibility of money transfers through various applications is propelling the growth of the market. Furthermore, the implementation of favorable regulations by the Ghanaian government to promote the use of mobile money systems to eliminate the risks of money laundering and theft is propelling the growth of the market. Other factors, such as rapid digitalization, steady advancement in banking, financial services and insurance (BFSI) industry, and integration of artificial intelligence (AI) and big data solutions, are supporting the growth of the market .

Competitive landscape with key players:

The competitive landscape of the Ghana mobile money market has been studied in the report along with the detailed profiles of key players operating in the market.

Some of these key players include:

Key Market Segmentation:

The report has segmented the mobile money market in Ghana on the basis of technology, business model and type of transaction.

Breakdown by technology:

  • USSD
  • Mobile wallets
  • Others

Breakdown by Business Model:

  • Mobile Led Model
  • Bank-led model

Breakdown by type of transaction:

  • Equals
  • Bill payments
  • Airtime Refills
  • Others

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Main highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Market trends
  • Market drivers and success factors
  • Impact of COVID-19
  • Value chain analysis
  • Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.

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