Market Overview
The Ghana mobile money market was valued at USD 192.24 Billion in 2024 and is projected to reach USD 933.96 Billion by 2033, growing at a CAGR of 18.24% during the forecast period of 2025-2033. The market expansion is driven by rising financial inclusion, a large unbanked population, robust mobile phone penetration, supportive regulations, growing remittance inflows, and strong telecom infrastructure. Partnerships among telecoms, fintechs, and agents also enhance convenience and affordability, accelerating adoption.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
Ghana Mobile Money Market Key Takeaways
Current Market Size: USD 192.24 Billion in 2024
CAGR: 18.24% (2025-2033)
Forecast Period: 2025-2033
Mobile money provides an accessible alternative financial service for Ghana’s large unbanked population, especially in rural areas.
Mobile phone penetration is high, with 54.1% owning working cell phones and 82.0% after excluding children, ensuring wide accessibility.
Strong remittance inflows facilitate efficient cross-border mobile money payments, expanding market scope.
Supportive regulations like the Bank of Ghana’s e-money guidelines foster a secure and trusting environment.
Telecom operators dominate with extensive networks and agent partnerships, enabling rapid service scale.
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Market Growth Factors
The Ghana mobile money market has mostly been driven by financial inclusion with a large unbanked population especially in rural areas where there is little or no customary financial infrastructure or institutions. Mobile money enables people to save, transfer and pay money via their mobile phones and provides a channel for them to participate in the economy if they have no or limited access to customary financial services.
As a result of the continued high penetration of mobile cellular phones, the report found that 54.1% of Ghanaians aged five and older own a working cell phone, and 82.0% if children are excluded. USSD mobile money services are popular, as they work even on feature phones with little or no internet access, such as Mobisave, a USSD-based product helping customers easily save on their mobile phones, including basic cell phones that are not smart phones.
A second reason is high remittance inflows and a supportive regulatory environment. Ghanaian mobile money systems also receive large remittance flows via this channel. Africa’s first direct interlinking of mobile money systems, Ghanaian Cedi, and Nigerian Naira, was launched in October 2024 by the Bank of Ghana. The regulations issued by the Bank of Ghana, such as the e-money regulations, create a conducive regulatory environment and improve consumer trust, thereby broadening the market scope for mobile money. Telecom operators leverage wide-ranging agent networks to speed up service provision, further advancing the market.
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Market Segmentation
Analysis by Technology:
USSD
Mobile Wallets
Others
USSD holds the largest share as it allows mobile money access via basic phones using cost-efficient methods. Basic phones with USSD functionality enable users to conduct transactions without internet access, making mobile money accessible to rural and underbanked populations. Telecom operators have heavily invested in USSD-based platforms, positioning it as the primary financial transaction channel.
Analysis by Business Model:
Mobile Led Model
Bank Led Model
The mobile-led model dominates due to extensive networks by telecom operators MTN, Vodafone, and AirtelTigo. This model delivers convenience by allowing transactions without traditional bank accounts, supported by partnerships with agents, businesses, and fintech firms, enhancing financial inclusion for Ghana’s unbanked population.
Analysis by Transaction Type:
Peer to Peer
Bill Payments
Airtime Top-ups
Others
Peer-to-peer (P2P) transactions hold the largest market share, attributed to their simplicity and affordability. This segment facilitates everyday financial needs and remittances, particularly among the unbanked in rural areas lacking conventional banking facilities. The extensive network of mobile money agents in combination with mobile phones sustains this dominance.
Regional Insights
The report does not specify regional data or dominant regions within Ghana for the mobile money market.
Recent Developments & News
In September 2024, eTranzact Ghana, a licensed Enhanced Payment Service Provider, launched the XCEL Ghana mobile app facilitating bill payments, airtime purchases, mobile wallets, and seamless bank transfers by integrating with existing mobile money and banking systems. In February 2024, Mastercard and MTN Group Fintech signed a multi-market agreement to enhance collaboration across Africa, connecting millions to digital payment tools and expanding cashless economy access. In January 2024, Ericsson partnered with MTN Group to enhance mobile financial services and empower citizens, deploying MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform to broaden financial inclusion.
Key Players
MTN
Vodafone
Tigo
Airtel
Additional Notes
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