Economist Professor Godfred Bokpin has called on fintech companies to strengthen collaboration, warning that fragmentation within the sector is hampering efforts to combat digital fraud and build a resilient digital economy.

Speaking during JoyNews' Digital Economy Forum on Wednesday, July 22, Prof. Bokpin said addressing fraud requires an ecosystem-wide approach that goes beyond the interests of individual players.

According to him, the digital economy extends beyond banks and fintech companies, touching millions of Ghanaians who rely on digital financial services, including vulnerable groups who must be protected as the ecosystem expands.

"What I feel is lacking is that there isn't much coordination among the fintechs. Either they see themselves as competing, but this is a bigger pie that is growing. If they are able to come together and form an association, they will be able to share information and negotiate their way through from a position of strength," he noted.

He added that while several technology and fintech groups already exist, the sector remains fragmented, making collaboration more difficult.

"I believe that from the regulatory point of view, it will be good if there is a unified body because we are all within the same ecosystem. That is what we should focus on, considering the economy-wide impact," he said.

Prof. Bokpin acknowledged that banks and fintech companies operate under different business models, noting that banks have been part of Ghana's financial system for decades, while fintech firms are still evolving.

He said regulators must therefore adopt proportionate approaches while continuing to gather data to identify weaknesses across the digital payments value chain.

"I'm sure with time we'll be able to build data and see where the gaps are across the value chain and how we can fill them," he stated.

The economist also praised the Bank of Ghana's regulatory reforms, including structural changes that have enabled the central bank to focus more effectively on the digital payments ecosystem and its linkages with the wider banking sector.