Ghana is the largest market for Mobile Money – Bawumia

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Mobile

Vice President Dr Mahammadu Bawumia has stated that Ghana is now the fastest-growing mobile money market in Africa.

Ghana, currently also ranks as number one in Africa in terms of access to financial inclusion.

According to the IMARC Group, the Ghana mobile money market size reached $161.3 million in 2023.

Looking forward, the IMARC Group expects the market to reach $789.5 million by 2032, exhibiting a CAGR growth rate of 19.2% between 2024 and 2032.

Kenya has the largest mobile money market on the continent, thanks to it industry champion, MPesa. But at a 19% growth rate, Ghana is fast catching up.

On the Continent, the Africa mobile money market size reached $674.8 billion in 2023. Looking forward, the IMARC Group expects the market to reach $3.4 trillion by 2032, exhibiting a CAGR growth rate of 19.3% during 2024 – 2032.

As of January 2023, 59.7 percent of the Ghanaian population aged 15 years and older had a mobile money account in Ghana. This was a sharp rise from the previous year.

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