The Ghana Fintech and Payments Association has indicated its readiness to enhance the promotion and advancement of financial technologies and digital payment systems to position the sector as a major contributor to growth in the Ghanaian economy.
The Association made the commitment following its official launch in Accra at the just ended Ghana Fintech Awards, which also saw the inauguration of its Governing Council, constitution and code of ethics.
The awards ceremony was to highlight and appreciate the innovations and contributions of individuals and companies in the fintech ecosystem in the promotion and building a resilient sector for economic growth and financial inclusion.
Mr Kwame Martin Awaga, President of the Association, said the sector, which is estimated to contribute between $10 billion and $18bn by 2025 to the national economy, was critical to sustainable growth and development.
He said the Association would position itself in a way that would spur development in the financial ecosystem and other aspects of the economy as well as digital services to stimulate economic growth.
Mr Awaga said: “This industry is a vital component of Ghana’s economy and we are proud to highlight the innovations and excellence that is driving its growth and development through the Association.”
Mr Richard Nunekpeku, Vice-President of the Association, underscored the role of the sector in economic development, indicating that the advent of payment systems, particularly Mobile Money (MoMo) has driven financial inclusion in Ghana.
In an interview with the Ghana News Agency, he said: “MoMo, today has become a great tool in facilitating payment and transfer across the country. Once you have a mobile phone or a bank account, technically, you’re able to perform financial transactions, despite some related risks.”
Mr Nunekpeku pointed out that the potentials of the sector, including MoMo, artificial intelligence, machine learning, and cryptocurrencies, were enormous and a revolutionary tool in human interaction and cross border remittances.
He said: “The 2020 McKinsey fintech report for example, noted that Ghana’s fintech sector would grow by an annual rate of 15 per cent to achieve about $18bn in revenue by 2025.”
“That’s going to be a huge contribution to our economy, so, we need to work together and our goal as an Association is to foster a closer working relationship between the innovators, policy makers and regulators to ensure that we actively promote innovation and create the opportunity for others to develop new products,” he added.
Other Executives of the Association are Miss Mazlor Nyanyo, Finance, Administrations and Operations, Mr King Carl Tornam Duho, Research and Development, Samuel Amanor, Partnership and Funding, with Tenu Awoonor and John Apea as non-executive members.