Visa study says 93% of Ghanaians aware of mobile money but…

A new study by Visa Inc., says 93 percent of Ghanaians are aware of the mobile money product, but did not say how many use the product.

According to Visa, the number in Ghana is higher than the average 56 percent across all the six regions where the study was done.

The study, Visa says analyzed the financial services needs and expectations of mobile money among nearly 2,500 consumers, mobile money agents, and merchants in Bangladesh, Ghana, India, Indonesia, Nigeria and Pakistan.

“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 today,” it says, adding that, “the 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.”

The study says 88% of respondents in Ghana cited “safety of not having to carry around a lot of cash” as the primary benefit of mobile money, with speed of sending money (73%) the second most important benefit.”

“The ability to quickly send money to family members (90%) is the principle intended use. Saving money for the family is the second highest rated intended use (69%), against an average of 52% across the countries surveyed. “Sending money to the wrong number” is the number one barrier to adoption in Ghana (62%),” it says.

Of the six mobile phone service providers in Ghana only three are providing mobile money products – these are MTN, Tigo and Airtel.

By Emmanuel K. Dogbevi