Final report mobile money market study for the world cocoa. A growing agent distribution network has also fuelled mobile money growth, with the number of active mobile money agents increasing from 5900 in 2012 to 152,000 in 2017. Mobile voice offnet tariff per operator ghp 30 appendix 6. State of the industry report on mobile money 2021 gsma. While demand for mobile money is evident across the whole of africa, the availability of service is uneven from one market to the next. The government of ghana has been a proactive supporter of digital financial services, introducing mobile money friendly regulations early on. You can use mtn mobile money to send and receive money, topup mtn airtime, pay bills dstv, ecg postpaid. The ghana interbank payment and settlement systems limited ghipss is a wholly owned subsidiary of the bank of ghana. The service is offered by mtn in partnership with over 10 partner banks. Mtn mobile money is a fast, simple, convenient, secure and affordable way of transferring money, making payments and doing other transactions using a mobile phone. Ghipss ghana interbank payment settlement system gog government of ghana gra ghana revenue authority imf international monetary fund ipp independent power producer mcc micro credit companies mda ministries, departments, and agencies mfc microfinance companies mfi microfinance institutions mno mobile network operator mof ministry of finance. The mobile commerce involves such applications like mobile banking, mobile payment, mobile marketing 6 7. Mobile voice onnet tariff per operator ghp 30 appendix 5.
Recent innovations in mobile money services have significantly improved the access to financial accounts where individuals can use their mobile phones to make person to person p2p mobile money transfers and pay bills. Monthly postpaid mobile subscription 29 appendix 4. Pdf mobile money, individuals payments, remittances. E money initiatives also saw a significant transaction value increases over the year 2015, with the value of all e money. From a humble start in 2009, mobile money solutions now account for cash flows that compare with aggregate deposits of commercial banks in the country. Ghana also boasts more mobile phones than people, with an estimated 36. The longrun poverty and gender impacts of mobile money mobile money was first launched in ghana in 2009 by mtn.
Mobile money, output and welfare among smallholder farmers in ghana. Pdf mobile money, output and welfare among smallholder. Jan 08, 2018 the purpose of this paper is to investigate how the use of the mobile money technology among students affects their spending behaviour. Mobile money support for cocoaaction kpis 26 table 7. Mobile money operators typically leverage an agent network to. The research was a case study of mobile money security in ghana and used qualitative and quantitative data collected through questionnaires and structured interviews of key staff of the. The gsma mobile money programme is working with mobile operators and industry. The recent introduction of mobile money technology in ghana has not promoted extensive research in the area hence, knowledge, information and secondary data in the area is limited in ghana. Mobile banking involves ministatements and checking of account history. Mtn is the largest and the oldest mobile money player in the market.
According to administrative data from the mobile money operator, 76 percent of the sample of treated individuals conducted at least one transaction using mobile money in the year after the initial dissemination. Of particular interest was the impact of mm on the urban poor who so far appear to be the sector of the population least aware of, the least likely to use mm in their daily lives. Also, interest on savings in the mobile money market is low therefore depositors do not patronise savings in that market. National markets fall into one of three categories based on the maturity of mfs exhibit 4.
Research shows that in some contexts where youth do use mobile money for transacting, they are starting to use it for savings as well. The sample of the study comprised 300 mobile money service users in ghana. This study investigates the impact of mobile money on ghanas payment system. Nigeria, kenya, uganda, and south africa also registered significant growth in mobile money transactions diniz, albuquerque and cerney, 2011. T, 2019 ghanas central bank considers raising the limit on mobile. Mobile money market operations in the financial sector. With the advancement in fintech and the coming into being of the interoperability system, a lot of ventures finds it. However, mobile money transfer is at different stages of adoption in emerging markets. This paper aims to explore the main causes of fraud in the mobile money services in ghana and the measures to combat the menace by the key stakeholders connected to the mobile money services. Africa was dramatic, with burkina faso, mali, ghana, and cote d ivoire. Control of fraud on mobile money services in ghana. In this paper, we evaluate the mobile moneys viability as a vehicle for financial inclusion in the southern region of ghana. Pdf mobile money, individuals payments, remittances, and. The study is limited to the mobile network operators mno that are engaged in mo bile money services and have higher market share precisely mtn, vodafone and tigo.
Africa was dramatic, with burkina faso, mali, ghana, and cote divoire. The service is now offered by four different mnos in the country, serving over 19,7 million registered customers out of which 8,3 million are active users and 107. In countries such as kenya, uganda and the philippines where the adoption of mobile money services has been hugely successful. Providing financial services via a mobile platform, particularly mobile money, which is relevant to 11 of the sdgs. How to register as a mtn mobile money agentmerchant for. Mobile money is now operated by four out of the six telecommunication companies telcos in ghana quist, 2015. How ghana became one of africas top mobile money markets. Mobile money was first introduced in ghana in 2009 by mtn ghana limited.
The activities of mobile money agents shall be guided by the provisions of the guidelines on agent banking and agent banking relationship in nigeria. Building inclusive payment ecosystems in tanzania and ghana. Financial inclusion, the development of novel methods to enable individuals at the base of the pyramid to access formal financial services and become part of the formal. The study sought to compare the extension and impact of the service as against the successful implementation of kenya. Section 3 describes the trend of mobile money in ghana. The main objective of the research was to identify factors that influence consumers intention to adopt mobile money transfer in ghana. In general, mobile money is a term describing electronic financial services performed via a mobile phone. Uptake has increased quickly since then, and today ghana is one of the most mature mobile money markets outside east africa. A thesis submitted to the faculty of the university of delaware in partial.
T, 2019 ghanas central bank considers raising the limit on mobile money. The service started in kenya as mpesa introduced by safaricom and has since been replicated in other parts of the world especially in developing countries. May 07, 2019 fraud is a global economic menace which threatens the survival of individuals, firms, industries and economies, and the mobile money service is no exception. Key findings good connectivity, above average level of financial inclusion, broad reaching mobile money agent networks, and enabling regulation all support a shift to digital payments. Very little is known with respect to the service in ghana.
Feb 27, 2020 this statistic depicts the mobile connection penetration rate in ghana between 2010 and 2020. Determinants of mobile banking adoption in the ghanaian. This is evidence of the immense potential of mobile banking to harness funds which currently are circulating in the informal market. Pdf a qualitative exploration of mobile money in ghana. Ghana 48% 29% 36% 33% senegal 24% % 35% 27% source. Promoting payment digitisation in ghana via mobile money. Abbey 2016 reported that the penetration of mobile money in the ghanaian economy has increased significantly in the last 4 years, since its inception in 2009. Mobile money, individuals payments, remittances, and.
Furthermore, the study showed that 91% adults owned mobile phones while 92% of adults had the necessary requirement to open an account cgap, 2015. This data holds a brighter prospect for financial inclusion in ghana via mobile money services and ghana s drive to meet universal financial access by 2020 and the sdgs. Mobile money services, performance, smes, eco cash, zimbabwe. That necessitated the extensive use of primary data collected from the field. The product is a collaboration between mtn ghana, ecobank capital ghana and ecobank ghana. Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers mobile phones. Mobile money services are being deployed rapidly across emerging markets as a key tool to further the goal of financial inclusion.
The results of the bank of ghana 2017 study on the impact of mobile money on ghana s payment system suggests that improvement in the mobile money sub sector leads to development of the payment ecosystem, deepening of financial inclusion and promotion of cashlite economy. Leading e money mobile money providers in ghana 49 table 9. In the research, mobile money includes mobile banking, mobile payment, and mobile money transfer. Public disclosure authorized 4th ghana economic update. The definition of mobile money varies across the communication industry as it covers a wide scope of overlapping applications dermish et al. Final report mobile money market study for the world. Ghana interbank payment settlement systems ghipss a division of bank of. But after revising its approach to regulation and passing e money issuer guidelines. Realisation of these measures may well bring ghana to the tipping point on its journey to digital payments. In 2012 there were only 345,000 active mobile money accounts in ghana, and by march 2019. In ghana, mobile money has developed rapidly since its launch in 2009 by the largest mobile network operator mtn. In uganda, out of 72 percent of young respondents who said they have deposited money into their mobile money.
Many people have come to love transacting their day to day business through this new form of banking in the country. Emergence of mobile money services in the financial. The ability to prove identity is critical to accessing a wide range of services such as healthcare, education, employment, financial services and voting. Mobile money is one of the most dynamic innovations in the industry and has provided significant social and economic benefits for users. Lubua and semlambo 2017 concur and indicate that users adopt mobile money because they perceive. There are four mobile money players in ghana, namely tigo cash, mtn mobile money, vodafone cash and airtel money. The advantages and disadvantages of mobile money on the. But after revising its approach to regulation and passing e money issuer guidelines in 2015, the country saw dramatic growth in the adoption of dfs. Emergence of mobile money services in the financial market is playing a critical role in economic development. The marked increase in mobile money usage is not unique to ghana. Building inclusive payment ecosystems in tanzania and. Monthly mobile subscription in ghana 29 appendix 2. Leading e money mobile money providers in cote divoire 48 table 8.
Mobile money services design and development for financial. We find evidence of strong mobile money adoption in the rural treatment locations. The launch of ghana s interoperability platform in may last year, one of the first such systems in africa, has similarly played an important role in facilitating expansion. The use of mobile money did not have much uptake in ghana in the early years of the first deployments. Access to traditional and mobile money accounts across four countries. Mobile money transactions have become an integral part of the banking system in ghana. In ghana, the cash payment system dominates the forms of payments in the country. Pdf effects of mobile money on beige bank, ghana european. Research report making sense of mobile money in urban ghana. This paper studied the use of mobile money transfer service in ghana. Ghana having a high rate of unbanked population gives hope that mobile money operations will deepen financial. Mobile money is a payment type based on accounts held by a mobile operator and accessible from subscribers mobile. Conclusively, the study established that subsequent adoption of mobile money services has an influence on the performance of smes. It was incorporated in may 2007 with a mandate to implement and manage interoperable payment system infrastructures for banks and non bank financial institutions in ghana.
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