An Innovation Hub aimed at supporting and empowering fintech startups across Africa by providing the tools and resources needed to accelerate their growth and success has been officially introduced by Mojo Payments Limited, a licensed Enhanced Payment Service Provider by the Bank of Ghana (BoG).

Fintech startups are transforming the Financial Industry by leveraging technology to offer faster, more efficient and user-friendly financial services as such any novelty geared towards boosting its operation is key to the sector.

Mojopay will commence this novelty with fintech startups within the MEST Africa Portfolio and will offer a wide range of support services to emerging fintech companies, including legal and compliance guidance, discounted payment processing, business development, and investment readiness. Mojo Payments is looking to collaborate with partners in the fintech ecosystem to extend these benefits to a broader group of entrepreneurs and startups, helping them scale their products and businesses.

The official launch of the innovation hub was held last Friday, 15th March, 2025 at the head office of Mojo payments Ltd. located at Ridge Accra. The event brought together stakeholders in the Fintech Industry. Also, present were representatives of the Bank of Ghana and MEST Africa. 

The CEO of Mojo Payments Limited, Saqib Nazir said the company was delighted to associate with MEST Africa, empowering fintech startups in the MEST Africa Portfolio with comprehensive legal, compliance, and business development support that will fuel innovation and success across the continent,”. “This reflects our commitment to enabling these startups to scale effectively and responsibly within Africa’s growing fintech landscape, while ensuring compliance with the highest industry standards.”

He expressed optimism that MEST Africa, a pan-African organization renowned for discovering and fostering the next generation of technology entrepreneurs, would benefit significantly from Mojo Payments’ expertise. “Startups within the MEST Africa Portfolio will gain access to specialized services that will help them navigate the complex regulatory environment, scale their operations, and foster innovation. This strategic partnership is set to unlock new opportunities for these startups to thrive in the competitive fintech landscape”.

Mr. Nazir observed Africa’s fintech sector as rapidly expanding, presenting opportunities for economic growth, youth empowerment, and job creation. As mobile technology and digital platforms continue to expand, more Africans, especially the youth who represent over 60% of the population, are gaining access to digital financial services. Fintech solutions such as mobile money, digital banking, and e-commerce platforms are helping previously underserved populations to access credit, start businesses, and engage with global markets. The sector has also generated thousands of tech-related jobs, particularly in countries like Ghana, Nigeria, Kenya, and South Africa, where innovation hubs are rapidly developing. The growth of these hubs is pivotal in addressing the youth unemployment challenge, providing them with the skills and opportunities to thrive in the digital economy.

Ashwin Ravichandran, Portfolio Director at MEST Africa said, “We are excited to partner with Mojo Payments to accelerate fintech innovation across the continent. Our shared vision is to empower entrepreneurs with the resources, mentorship, and expanded networks they need to thrive and ultimately drive forward Africa’s broader economic development.”

In Ghana, the Bank of Ghana is actively supporting the digitalization agenda through initiatives such as mobile money services, digital payment systems, and the adoption of blockchain and cryptocurrency technologies. These efforts are making Ghana a regional leader in fintech innovation, while simultaneously driving financial inclusion and economic growth.