The government has reaffirmed its commitment to protecting consumers as Ghana’s fintech sector expands, stressing that technological innovation must go hand in hand with strong safeguards for citizens.

Speaking at the launch of the MoMo Fintech Lab, Minister for Communications, Digital Technology and Innovation, Samuel Nartey George, said the growth of financial technology must be supported by effective governance, consumer protection, cybersecurity, data privacy and regulatory compliance.

He said fintech had become an important component of Ghana’s economic infrastructure, with mobile phones increasingly serving as banking platforms, payment terminals, business tools and gateways to economic opportunities for millions of people.

“We cannot pursue innovation at the expense of trust. Financial technology touches something people cannot afford to lose. Their money. When money is involved, trust is not optional. It is the product,” he said.

The Minister stressed that Government would prioritise the safety of citizens while creating an environment that allows technology businesses to grow. “Government will not trade the safety of Ghanaians for speed,” he added.

Mr George also called for greater investment in local fintech talent and businesses, saying Ghana should position itself to produce companies capable of competing across Africa.

He urged banks and financial institutions to adopt more flexible financing models for technology startups, arguing that such businesses require patient capital to grow.

He further challenged regulators to develop rules that protect consumers without unnecessarily restricting technological advancement.

“We need regulation that protects without suffocating. Regulation that responds to the speed of technology rather than the speed of bureaucracy,” he said.

The MoMo Fintech Lab is expected to connect academia, startups, technology companies, investors, regulators and financial institutions through initiatives including hackathons, mentorship, incubation support and a National Demo Day.

Mr George said the initiative must go beyond a ceremonial launch and deliver viable businesses, mentorship opportunities and access to committed capital.