eTranzact Ghana and Npontu Technologies, two pioneering and award-winning technology companies in Ghana have announced the launch of an Artificial Intelligence (AI) and Payments Accelerator programme in Ghana to support innovative startups in the country.

In partnership with the Commonwealth Enterprise and Investment Council (CWEIC), the official business arm of the Commonwealth of Nations, the Accelerator aims to provide selected startups with access to funding, mentorship and technical expertise to develop cutting-edge AI-powered payment solutions.

The Accelerator is designed to address the growing need for innovative payment solutions in Ghana, where the fintech industry is rapidly evolving. The programme will focus on supporting startups that are developing AI-powered payment solutions that can improve financial inclusion, increase efficiency, and reduce costs.

Dr. Stephane Nwolley, the Chief Executive Officer of Npontu Technologies stated: “We are poised to ensure the right inclusion and raise the African voice in the AI conversation. As a company we have delivered relevant AI solutions across various sector that ensure that use cases are relevant and speak to the pertinent questions that answers are sought for”.

He added: “As a business we find it also relevant not just to create these solutions but also to build the needed workforce to scale up our AI landscape as well as groom the youth for the 5th Industrial Revolution”.

On his part, Dr.  John Obeng Apea, CEO of eTranzact Ghana Limited stated: "We are excited to launch this accelerator program, which will provide a platform for innovative startups to develop and scale their AI-powered payment solutions".

Dr. Apea added, “Africa missed the first second and third Industrial Revolutions. Our medium to long-term goal with Npontu , is to ensure that we lead on all subsequent revolutions by fostering innovation in the fintech industry and supporting the growth of the ecosystem in Ghana. We will achieve this by short circuiting praxis and mentorship through academic partnerships with the Innovation and Accelerator Hubs of local universities like KNUST, University of Ghana, Legon and Pentecost University, together with foreign institutions we have relationships with, such as Oxford, Cambridge, and Stanford".

The Accelerator programme will provide selected startups with access to funding to support the development and scaling of their AI-powered payment solutions; expert guidance from experienced professionals in the technology industry, including Npontu Technologies and eTranzact’s team of experts and access to their technical expertise, its payment gateway and AI technology, and most importantly, opportunities to connect with other startups, investors, and industry experts across the Commonwealth.

Martin Awagah, President of the Ghana Fintech and Payments Association, witnessing this partnership said, “As an infant industry with numerous opportunities, I strongly believe this partnership is happening at a time when artificial intelligence and other emerging technologies are boosting the speed and agility with which the financial sector’s architecture is being rapidly transformed to serve customers in real-time”.

“I dare say that this accelerator program will be one of its kind and we are encouraging fintech startups or other tech service providers to take an interest in the opportunity being provided to develop more innovative products and services to serve the teaming masses and youths. Additionally, from what I have witnessed here today, and the years of industry experiences of both companies, I can gladly say we are fully in support of this initiative and would contribute our quota to see it come to fruition”, he added.

Benjamin Gomado – Cobblah, Country Director of the Commonwealth Enterprise and Investment Council added “We see great potential between these two giants in the Tech space. AI will have consequences in areas beyond the economy, including national security, politics, and culture. We look forward to working with eTranzact and Npontu Technologies across the 56 member countries of the Commonwealth”.

The application process for the accelerator programme will begin in the first quarter of 2025. Startups would apply online by submitting their business plan, pitch deck, and other relevant documents.