Kenya and Ghana lead world in mobile money: Report

2023-06-18 21:27:29
Kenya and Ghana lead world in mobile money: Report

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 in 2021 by US 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.

Read full report at African Business

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