The monthly growth rate of transfers received on mobile accounts is 13 percent. The most popular payment origination countries for Ghanian transfers are the United Kingdom, the United States and Australia.
WorldRemit has connections to 32 Mobile Money services in 24 countries across Europe, Africa and Asia, the company said.
Convenient and affordable technology has allowed more people to send small sums more frequently. The average transfer is 300 cedi, or $77.72. The average WorldRemit sender sends three transfers every month.
“Ghanaians are taking advantage of low-fee, instant mobile transfers to send money for specific purposes, right when it is needed,” WorldRemit Senior Mobile Analyst Alix Murphy said. “In the past, people often sent a single lump sum, once a month. Today, with MTN Mobile Money, they can help with unexpected bills or family expenses whenever they arise.”
Ms. Murphy said the growth has been helped by instant messaging. As Ghanaians speak with family more frequently, money will be discussed more often too.
The benefits offered by some mobile financial solutions are restricted to the country of origin. WorldRemit allows those benefits to spread, MTN’s General Manager of Mobile Financial Services Eli Hini said.
“WorldRemit’s service extends the usefulness of mobile money beyond our borders to reach the entire global Ghanaian community. With more than 40,000 of our agent points and more than 600 Partner bank ATMs across Ghana, the service can be enjoyed by all MTN Mobile Money customers. It is instant, totally secured and very convenient.”
Established in 2010, WorldRemit’s monthly transfers exceed 400,000. One in three are received via Mobile Money. Services to Ghana commenced in January 2013.
Even though 70 percent of Ghanaian adults are at best underbanked, 91 percent have mobile phones. The Ghanaian diaspora sends more than $2 billion home each year, according to the World Bank.
Tony Zerucha is the managing editor of Bankless Times.
A two-time LendIt Journalist of the Year nominee, Tony has written more than 2,000 original articles on the blockchain, peer-to-peer lending, crowdfunding and emerging technologies over the past seven years, making him one of the senior writers in the alt-fi sector.
"The evolution of the crowdfunding and peer-to-peer lending scenes is absolutely fascinating to chronicle. It is a joy to be around people with such passion and vision."