The Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu is urging regulators in the financial technology space and industry players to strike a delicate balance between fostering innovation and ensuring the stability and integrity of the financial system.

According to him, the industry has witnessed a rapid technological innovation and evolving regulatory landscape—an exciting yet complex frontier for the financial services sector in Ghana.

Giving opening remarks at the “Future Trend of the Fintech Industry: Trends and Regulatory Challenges”, Mr. Owusu said the fintech industry has been a catalyst for transformation, reshaping how individuals and businesses interact with financial products and services.

From mobile banking and digital payments to blockchain and artificial intelligence, he pointed out fintech continues to lead and drive efficiency, inclusion, and accessibility across the globe”, he pointed out.

“However, with these advancements come new challenges—particularly in the areas of regulation, data privacy, cybersecurity, and consumer protection”, he stated.

“Regulators and industry players must strike a delicate balance between fostering innovation and ensuring the stability and integrity of the financial system”, he added.

West African Lead for Technology and Telecommunications at Deloitte, Oluwole Oyeniran, shared the Nigerian experience in the financial technology space, highlighting, Nigerian’s lead in the Africa’s fintech center in recent years, marked by swift growth in startups and investments alongside supportive.

He gave key insights on fintech industry in Nigeria, saying, Nigeria hosts 400+ fintech startups, about one third of all African fintech companies and attracts the most fintech funding on the continent.

“In 2021, Nigerian tech startups, collectively raised about 1.3 billion in fintech funding – the largest in Africa. Nigeria takes roughly 35% of Africa’s startup funding. By 2023, fintech accounted for over 60% of all venture capital invested in Nigeria startups”, he explained.

Other speakers for the event were Hayford Kumar, Head, Fintech Oversight & Supervision Unit, Bank of Ghana and Charlotte Forson-Abbey, Audit Partner and Financial Sector Industry Leader at Deloitte Ghana