Ghana has emerged as the leading country in the world when it comes to countries with regulatory frameworks that enable widespread mobile money adoption.
This was contained in the 2024 Mobile Money Regulatory Index (MMRI) by the GSMA, which is a global organisation unifying the mobile ecosystem. Ghana beat 89 other countries including the likes of Brazil, Mexico, Rwanda, and Qatar to claim the top spot with a leading Index Score of “95.06” points. The other countries that rounded up the top were Rwanda (95 points), Qatar (94.21 points), Malawi (93.88 points)and El Salvador (93.75 points).
(The top 10 countries. Source: GSMA)
The breakdown
The Mobile Money Regulatory Index (MMRI) which has 6 broad dimensions, is further broken down into 40 indicators which are scored according to relevant criteria assessment. While Ghana scored a perfect 100 points in 3 of the 6 dimensions, including “Transparency and Disclosure Requirements”, “Authorisation” and “Consumer Protection”, it recorded a low figure of 83.75 points under the “Policy Enablement” dimension due to its poor performance under the “Taxation (0 points)” indicator.
(Source: GSMA)
Impact of the E-Levy
A further interrogation of the data showed that the presence of discriminatory taxation (mobile-specific taxes) imposed on mobile money services in Ghana impacted the score recorded under the “Taxation (0 points)” indicator. The absence of the E-Levy and any other discriminatory taxes on mobile money would have led to Ghana being awarded 100 points which would have seen the country’s world-leading score of 95.06 points rise further.
The Index
According to the GSMA, the Mobile Money Regulatory Index was first developed in 2018 to provide a non-binary and objective assessment of the extent to which regulatory frameworks enable mobile money services to thrive. Until 2021, the index was comprised of 28 indicators clustered in six dimensions, with each indicator scored based on both qualitative and quantitative scoring metrics.
