Visa-owned mobile money platform,Fundamo, has disclosed that awareness of mobile money services is highest among Ghanaians, among six emerging markets surveyed.
The results of the Visa Mobile Money Study for Ghana reveals that 93% of respondents are aware of mobile money as against an average of 56% acrossnearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan.
“Ghana is one of the leading mobile money markets in the world. Industry players have worked hard to raise the awareness of mobile money services in order to drive financial inclusion among Ghana’s large unbanked population,” said Fundamo’s COO, Aletha Ling, adding that this achievement underscores the remarkable progress that has beenmade and industry collaboration should continue to ensure Ghana remains a shining light of mobile money success.
The country’s leading mobile service provider,MTN Ghana,with a market share just above 50% is the most recognised mobile money provider with 90% of respondents aware of the brand.
The global study highlighted that consumers’ needs for financial services are far more sophisticated than previously believed and go well beyond the established transaction set offered by mobile money services currently. The Visa study suggests that the success of mobile financial services is determined by how deeply a mobile money provider understands its customers and tailors the service to the needs of consumers and mobile money agents – from service menus, to marketing and education. In Ghana, 88% of respondents cited “safety of not having to carry around a lot of cash” as the primary benefit of mobile money, with73% citing speed of sending money as the second most important benefit. The ability to quickly send money to family members is the principal intended use among 90% of users of the service, while saving money for the family is the second highest rated intended use at 69%, against an average of 52% across the countries surveyed.
The number one barrier to adoption in Ghana, cited by 62% of respondents is; “Sending money to the wrong number”. The study also revealed that 67% of Ghanaians feel they have a “clear understanding of mobile money”, another 61% consider as a key benefit, the “Ability to have cash and send it in case of an emergency” while “Keeping spending for myself” also ranked as a high intended use by 46% of Ghanaians. The Visa study surveyed nearly 2,500 individuals in six countries and 15 cities through a combination of field surveys, in-depth in-person interviews, and focus groups with men and women 18 to 44 years of age. Respondents had to own a mobile phone.