Ghana is highly banked compared to peers such as Kenya, Tanzania, Uganda and Rwanda, a study by the Consultative Group to Assist the Poor (CGAP) has shown.

The percentage share of adults in each country who have registered bank accounts, includes Ghana 34, Kenya 28, Tanzania 21, Rwanda 16 and Uganda 14.

The study, however, shows that despite Ghana being highly banked, mobile money is still at the developing stage; with only 20 per cent of adults Ghanaians having a mobile money account.

The percentage share of adults who have a registered mobile money account in the rest of the countries are Kenya 63, Tanzania 38, Uganda 33 and Rwanda 23.

Seventeen per cent of adult Ghanaians have active mobile money account; thus Ghanaians are “mobile ready,” in that 92 per cent have the required form of identification to open an account, whereas 91 per cent own a mobile phone, with 74 per cent able to send or receive text messages.

The study was launched in Accra by the World Bank, during a dialogue session on the topic “Mobile Financial Intermediation in Ghana: Trends, Prospects and Challenges”

Dubbed: “Financial Inclusion Insights surveys (FII) Ghana 2015: The state of financial inclusion and mobile money in Ghana,” the study was authored by Mr Peter Zetterli, a Financial Sector Specialist on CGAP Inclusive Payments Ecosystems initiative.

Mr Zetterli speaking via telephonic conference facility to the participants at the dialogue session said the financial landscape in Ghana developed since 2010; and attributed that to rapid growth in nonbank formal services such as mobile money and credit unions.

However, the banking industry in Ghana had expanded marginally since 2010, he added

The new financial inclusion survey data from CGAP offers a first glimpse into the mobile money usage in Ghana, providing fresh insights into how many people were using mobile financial services; for what reason and the role it plays in expanding access to financial services.

While Kenya and Tanzania have been previously lauded as mobile money success stories, the survey demonstrated that mobile financial services could be no less powerful in Ghana and the Ghanaian market is rapidly catching up.

The findings show that mobile financial services are proving to be critical to connect people in rural areas or living on less than $ 2.50 per day with formal financial services.

In Rwanda, for example, the survey found that 61 per cent of active mobile users were located in rural areas, while 72 per cent lived on less than $ 2.50 per day.

The survey revealed that in these cases, mobile money was proving to be some adults’ first inroad into financial inclusion.

Mr Kwaku Sakyi- Addo, CEO of the Ghana Chamber of Telecommunication, lauded CGAP for the survey, and stated that mobile money has a huge potential for Ghana if the current development continues.

The CGAP is a global partnership of 34 leading organisations that seek to advance financial inclusion.

It develops innovative solutions through practical research and active engagement with financial service providers, policy makers, and funders to enable approaches at scale.

The organisation combines a pragmatic approach to responsible market development with an evidence-based advocacy platform to increase access to the financial services the poor need to improve their lives.