Business Hilights

Tracking Nigeria's Headline Business News Online


Mobile money growing in Ghana more than Nigeria

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Comparing available statistics between Nigeria and Ghana on the acceptance and traffic in mobile money, figures gathered by Business Hilights have shown that Ghana is miles away from Nigeria.

Friday, Chief Executive officer of Ghana Chamber of Telecommunications, Mr Sakyi-Addo said the country’s mobile money transaction for half of 2016 has reached GH¢30 billion (about $10bn) with over 80,000 people making a living as agents.

However, figures from the NIBSS suggest that less than 15,000 people make a living in the platform as against 80,000 in Ghana and not up to $5bn as against Ghana’s $10,000.

According to him the value for the country’s annual transaction which was GH¢400,000 per annum shot up to GH¢35 billion in 2015.

Addo made the revelation at a ‘Thought Leadership Forum’ in Accra as part of the Chambers five years anniversary celebration.

The forum seeks to effectively and efficiently engage policy makers, law-makers, regulators and other stakeholders on its five years existence and prospects for the next five years.

He noted that despite the impressive numbers, only one out of four adults had signed up for mobile money.

Addo said currently 6,200 people were directly employed by members of the chamber, noting that, people were more productive and efficient in terms of service delivery.

However, the CEO noted that, the telecoms industry had been hit by high energy tariffs, which was currently taking up over 60 per cent of operating cost and they could not ration their services.

Addo said operators had invested in 3G technology throughout districts capitals but many in those places had their monthly revenue as “a tiny fraction of the running cost.”

“Throughout the five years, inflation in communication services had been the lowest in the non -food category. Whereas the cost of our inputs rose, the structure of the market and the nature of competition held us back from sharing out those cost.

Addo said opportunities in the next five years exist for growth in area of mobile financial services and electronic payments.

“There are opportunities for government to make strategic policy decision that would enable mobile money to be utilised across sectors for citizens to make payments to government and vice-versa.

Ghana Chamber of Telecommunications established in November 2011, comprises of mobile networks such as Airtel, Expresso, MTN, Tigo, Vodafone and other tower companies.


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