The former vice president ,Dr.Bawumia, declares Ghana as the fastest growing mobile money market

Dr.Mahamudu Bawumia,the former vice president of Ghana, has declared Ghana to have the fastest growing mobile money market on the Africa continent upon seeing the progress in the digital financial service.

According to him,Ghana is the first country in Africa continent and is having it mobile money finances to be progressing victoriously.He stated that,”We asked the questions: why can’t we make it possible to send mobile money across different telephone companies and also why can’t the mobile money account function like a bank account by making it interoperable with bank accounts?

The answer to these questions was the implementation of groundbreaking mobile money interoperability (MMI) across all banks and telcos,”. The introduction of the MMI has granted Ghanaians the access to seamlessly send funds between mobile money accounts and bank accounts, regardless of the service provider.

This, he said, has practically turned mobile money wallets into bank accounts, drastically improving access to financial services.The progress of this initiative has resulted to over 90% financial inclusion among Ghana’s adult population, placing the country at the top of Africa’s financial access rankings.Citing data trends, Dr. Bawumia revealed that Ghana has experienced a 40-fold increase in mobile money transactions between 2017 and 2024.

The country also boasts a fully interoperable multiple instant payment system and has been globally recognised for excellence in mobile money regulation.With these achievements, Dr. Bawumia said Ghana is firmly placed on the digital transformation map and serves as a model for other African nations aiming to expand financial inclusion and modernize their economies.