Governments across Africa are implementing regulations to enhance financial inclusion, competition, and security in mobile money.

In 2023, 1.75 billion accounts processed over $1.4 trillion globally, with Sub-Saharan Africa contributing $912 billion. West Africa recorded $347 billion, while East Africa accounted for $488 billion. Between 2013 and 2022, mobile money boosted GDP in Sub-Saharan Africa by $150 billion.

Read also: Top 10 African countries adopting cashless transactions by population

The GSMA Mobile Money Regulatory Index 2024 highlights regulatory measures, including Anti-Money Laundering and Know Your Customer requirements. African nations rank highly in oversight, focusing on consumer protection, authorisation, and policy enablement to support mobile money adoption.

According to the GSMA Mobile Money Regulatory Index 2024, here are Africa’s top 10 countries in mobile money regulation

Ghana – Score: 95.06

Ghana leads in mobile money regulation, ensuring secure and accessible financial services.

Malawi – Score: 93.88

Malawi ranks second with strong policies promoting financial inclusion and consumer protection.

Read also: Nigeria, Ethiopia boost global mobile money in 2022

Lesotho – Score: 92.58

Lesotho has implemented effective regulations that enhance mobile money transactions.

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Uganda – Score: 88.33

Uganda supports interoperability, allowing seamless transactions across mobile networks.

Tanzania – Score: 87.16

Tanzania has developed a robust framework for mobile money oversight and regulation.

Read also: 10 biggest tech company layoffs in Africa since 2020 — 3,160 jobs lost

Mozambique – Score: 86.91

Mozambique strengthens financial oversight, integrating mobile money into banking systems.

Morocco – Score: 86.75

Morocco adopts regulatory measures encouraging innovation while ensuring compliance.

Ethiopia – Score: 86.56

Ethiopia refines its mobile money regulations to enhance digital financial services.

Read also: Tech sector sees largest layoffs globally in January since 2020

Madagascar – Score: 86.29

Madagascar advances policies supporting secure and transparent mobile transactions.

Nigeria – Score: 85.34

Nigeria focuses on strengthening regulations for efficient and secure mobile money services.

Chisom Michael is a data analyst (audience engagement) and writer at BusinessDay, with diverse experience in the media industry. He holds a BSc in Industrial Physics from Imo State University and an MEng in Computer Science and Technology from Liaoning Univerisity of Technology China. He specialises in listicle writing, profiles and leveraging his skills in audience engagement analysis and data-driven insights to create compelling content that resonates with readers.

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