The Ghana Fintech and Payments Association is calling on the Bank of Ghana to expedite action on the implementation of policies to address emerging technologies in the financial technology space.

The fourth industrial revolution has been marked with occasional developmental changes and upgrades mainly described as digital disruptions.

These disruptions and innovations often impact the way of life and business processes demanding the quick adaptation of policy and regulations.

Speaking on Joy Business Social, its president, Martin Awagah called on the Bank of Ghana to quicken the passage of certain regulations to guide the growth of the sector. 

His call comes on the back of the rate of the evolution especially the advent of emerging technologies such as Artificial Intelligence, Web 3.0 and its implications on the financial sector. 

“Innovation will always proceed regulation no matter what, so we need to find means and ways to push regulation a bit because with the speed with which AI, IOT and all these technologies that we are seeing, regulation has not even scratched the surface yet.”

He commended the Bank of Ghana for its efforts in sanitizing the Financial Technology ecosystem.

“To a large extent policies have been slow yes, but kudos to the regulator when it comes to the financial sector, kudos to the Bank of Ghana for what they’re doing.” 

“I mean they’ve done tremendously well by even functioning out a Fintech and Innovation office to take this battle head on and be able to quickly come out with some frameworks and solutions.” He added.

Ghana’s fintech landscape is estimated to have around 100 fintechs. It is dominated by wider payment solutions like mobile money services. The fintech sector plays a leading role in ensuring financial inclusion as it brings core banking services to the doorstep of the user.

Mobile Money Growth

According to the March 2024 Summary of Economic and Financial Data by the Bank of Ghana, the total value of mobile money transactions for the first two months of 2024 stood at a record GH¢394.2 billion. This is compared with GH¢264.1 billion during the same period in 2023.

The value of mobile money transactions in January 2024 stood at GH¢198.4 billion, whilst that of February 2024 was estimated at GH¢195.8. The active mobile money accounts were also estimated at 22.9 million in January 2024. The total value of Mobile Money transactions reached a record level of GH¢1.912 trillion in 2023 compared with GH¢1.07 trillion in 2022.