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Events › Re: Clearance Prices- Quality Wines At Discounted Prices, For Celebrations/Gifting! by DZTech(op): 11:41am On Jul 17, 2019

still available.

Politics › Nigeria, When? Ghana: Mobile Money On The Rise In Ghana! by DZTech(op): 12:56pm On Jul 16, 2019

Mobile Money On the Rise in Ghana
Nigerians, wake up oooo!

By Andrew David And Gifty Danso
4 JULY 2018
The World Bank, along with its subsidiary the Consultative Group to Assist the Poor (CGAP), presented their findings on global financial inclusion, access to banks, mobile money, and other financial services.
While Ghana, and the rest of the world, have experienced significant increases in account ownership of all types of financial services, it was made evident that mobile money has been Ghana's backbone in financial inclusion and has spurred increases in account ownership to other financial services , held at the Kempinski Hotel, Accra.

While the current African leaders of mobile money account ownership are Kenya at 73%, Uganda at 51%, and Zimbabwe at 49%, mobile money activity in Ghana has led to an up-tick in financial inclusion.
Ghana is now one of the fastest growing mobile money markets in sub-Saharan Africa. Tanzania, an early touted African success story in regards to mobile money, begun a year ahead of Ghana and had 8 million active accounts whereas Ghana had just 350,000 in 2009, yet now 39% of adults in both countries have accounts.

According to the findex report, on a presentation done by Buddy Buruku of CGAP, Ghana has been progressive with mobile money accounts with a surge of 11 million active mobile money accounts, representing a thirty times increase from 2012.
The report indicates that regulatory revisions also drove the increase in mobile money activity in Ghana. Additionally, the EMI (electronic money issuers) guidelines introduced by the bank of Ghana contributed to the growth of mobile money in the country.

"The regulatory revisions that took place in Ghana were very principled in this trajectory. IF YOU LOOK AT THE DATA, 85% OF INDUSTRY GROWTH, 71% OF ACTIVE ACCOUNT GROWTH, 79% OF TRANSACTION VOLUME GROWTH, AND 84% OF TRANSACTION VALUE GROWTH, ALL HAPPENED AFTER THE PROMULGATION OF THE EMI GUIDELINES. So those EMI guidelines which have been touted as really being flagship guidelines issued by the Bank of Ghana, had demonstrably lead to significant increases into the market" - Buddy said.
Likewise, there are 151,000 active mobile money agents in the country, also resulting in a twenty-five times increase since 2012. The number of transactions too, stand at 82 million average per month and 7.2 average on a monthly basis per user, and these make $36.00 average transaction value and160.00 in Ghana cedis.
There has truly been remarkable growth in the access to financial services, by means of financial institutions and mobile money, yet the access has not grown equally across all segments of the population. Between all types of financial services, in Ghana there is gender gap in account ownership of 8% and an income gap in account ownership of 16%.
While these are still notable gaps, they are in line with developing country averages, and are lower in comparison to many other African countries.

While men are more likely than women to have accounts at financial service institutions, there is a significantly smaller gender gap between mobile money accounts across all of Africa. Also, as mobile money accounts require less documentation and have fewer possible associated costs, they are a cost effective mean to access financial services and is the preferred mean among those of lower economic status.

Dorothe Singer of the World Bank stated the primarily focus should still be on increasing the total percentage of the population with access to financial institutions prior to addressing specific gaps. She stated that ...