Kenya and Ghana lead world in mobile money

2022-12-17 21:39:34
Kenya and Ghana lead world in mobile money

Many African countries like to think that certain areas of their economies have already leapt well out of the pond. But is this actually the case?

For mobile money, it is. A report by American research firm Boston Consulting Group (BCG) found that Kenya and Ghana have the second and third highest mobile payment usage rates in the world, after China.

The study, Five Strategies for Mobile-Payment Banking in Africa, found that transactions via mobile wallets and phones were the equivalent of 87% of GDP in Kenya and 82% in Ghana. The World Bank has recognised Ghana as the fastest-growing mobile money market in Africa over the last five years.

The report estimates that mobile payments revenue in Africa could rise from $3.5bn today to between $14bn and $20bn in 2025.

Efforts being applied by Kenya and Ghana represent a huge leap forward in joining the rest of the world and capitalising on the potential of the digital economy.

The two nations are blessed with innovative talent in the fintech arena that has seen them revolutionise their finance sectors, immensely boosting financial inclusion among rural populations.

A 2020 report by American research firm Boston Consulting Group (BCG) reveals that Kenya and Ghana have the second and third highest mobile payment usage in the world respectively, after China.

The survey, Five Strategies for Mobile-Payment Banking in Africa, estimates that both nations contributed a huge chunk to the value of global mobile financial services transactions in 2020, which it estimated to be between $15 trillion and $20 trillion.

In Kenya, according to the study, transactions via mobile wallets and phones represent 87% of the country’s Gross Domestic Product (GDP), while in Ghana, they account for 82% of GDP.

Source: African Business

002

Comments(0)
Success!
Error! Error occured!