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the regulator of FinTech in Ghana is the Bank of Ghana. The Act states that the Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to payment, clearing and settlement systems.

According to Section 3 of the Payment and Services Act, 2019 (Act 987), the regulator of FinTech in Ghana is the Bank of Ghana. The Act states that the Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to payment, clearing and settlement systems. As a result of the emergence of FinTech solutions, a lot of complexities have been introduced requiring the Bank of Ghana’s focus to understand and supervise FinTech activities effectively.

Purposeful effort will be required from regulators to shape the future of FinTech and push it in a productive direction in Ghana. It is hopeful that with the introduction of the FinTech and Innovation Office of the Bank of Ghana, there would be regular updates to the licensing requirements of FinTech companies that would ensure adequate compliance with international best practice and also encourage more entrepreneurs to set up FinTech companies in Ghana.

The Ghana Chamber of Telecommunications together with the Government of Ghana, Central Bank, GhIPSS and commercial banks on Thursday 10th May 2018 launched the mobile money interoperability system at the Marriot hotel in Accra. The Mobile Money Payment Interoperability is the service, which allows direct and seamless transfer of funds from one mobile money wallet to another mobile money wallet across networks, which was developed by Ghana Interbank Payment and Settlement Systems (GhIPSS) with active collaboration of the Mobile Industry.

we are definitely improving the financial livelihood of smallholder farmers through fair trade. Many smallholder farmers are paid less than $1 a day and our objective is to increase it to $4 a day by 2020.

Zeepay Ghana has been awarded the Electronic Money Issuer (EMI) license to operate as a mobile financial services company by the Bank of Ghana, the regulator of banking and financial services

Nigerian digital financial platform, Carbon (formerly Paylater) is taking big steps to introduce its revamped financial services into Ghana. The online lender is looking to hire a new country manager for Ghana and this suggests the company is looking to introduce its new services like PayVest into Ghana.

AgroCenta was recently selected by Seedstars World for its Seedstars Growth Program. Seedstars Growth Program offers high growth startups $50,000 with access to business advisory and marketing services on top.

The company has got some investors like Greentech Capital Partners, Isebaltic Trust, World Trade Organisation and SANAD Technical Facility in Jordan among others. Currently, the startup has an ongoing agreement with various companies that include Guinness Ghana Breweries and is hoping to bring Nestle Ghana on board within 2018.

At its 26–29 January meeting, the Monetary Policy Committee of the Bank of Ghana decided to keep the policy rate steady at 14.50%, marking the fifth consecutive hold. The decision reflected the Bank’s assessment that despite inflation accelerating recently, it expects it to return to target in the second quarter of this year. Inflation jumped to 10.4% in December 2020 (November: 9.8%) as a result of quicker food inflation, thus landing above the Bank’s target range of 6.0%–10.0%. Although short-term risks to inflation are also emerging from fiscal expansion and rising oil prices, they remain broadly contained according to the Bank, enabling it to maintain its accommodative stance.

In Ghana there is currently just one sharia-compliant financial institution – Ghana Islamic Microfinance, which began as an NGO – though there is significant scope for growth. Part of this is due to the country’s demographic make-up. Although Muslims are far from the only potential client base for IFS, as evidenced by the rollout of Islamic financing instruments in countries like the UK and Japan, sharia-compliant products could prove attractive for the roughly 17.6% of Ghana’s population that identifies as Muslim, according to the 2010 census.

Financial inclusion, from my personal perspective, is the creation of value added services for the disadvantaged in the society. From the concept of Barefoot Banking to digital innovations, financial inclusion bridges the inequality financial gap that exists between the rural and the urban settings. My personal mission is to make it possible for the smallholder farmer who lives in the most remote parts of Ghana receive payment for his goods and services through a digital solution.

The Fintech space in Ghana is gradually picking up steam with active participation from the public and private sectors. Government regulations on e-money and mobile money technologies are favourable and aiding adoption and rolling out of new technologies every day targeted at the unbanked population. Out of the 6 major telecommunication companies operating in Ghana, 4 are mobile money enabled, facilitating financial transactions between businesses and consumers. Banks also have rolled out services that target financial inclusions. These positive tides are helping shape the Fintech landscape in Ghana.

The 2019 Corruption Perception Index (CPI) was released worldwide on 23 January 2020, scoring and ranking 180 countries and territories by their perceived levels of corruption.  The Index put together by Transparency International ranks countries annually by their perceived levels of corruption, as determined by expert assessments and opinion surveys.

The index foresees a range between zero (highly corrupt) and 100 (very clean), and based on these points, it ranks countries from the best performing to the worst-performing.  Since CPI is a perception index, no country will ever achieve a perfect score.  

Ghana is a country of roughly 30 million people. It is a young and fast-growing country, with a relatively high population growth rate of 2.2 percent. More than half the population (57 percent) is under 25 years old. The country’s capital, Accra, is a bustling metropolitan area that is home to roughly 2 million people. Kumasi, the capital of the Ashanti Region north of Accra, is another large population center and an active commercial center with roughly the same population as Accra.

The Payment Systems and Services Act would help create an enabling environment for the on-going digitisation processes in the economy, Dr Ernest Addison, the Governor of the Bank of Ghana has said.

The Act, passed in March this year and assented to in May, is part of a broader strategy by the Bank of Ghana to create an enabling regulatory environment for convenient, efficient and safe retail payments and funds transfer mechanisms.

In 2017 MTN Ghana – the local subsidiary of the South African mobile operator, and the market leader – redefined what constitutes a subscriber, removing 3.4m inactive lines from its network in the first quarter of the year. However, in the same quarter the company gained more than 800,000 new active customers. The net effect was a drop of 2.5m in its subscriber base, leaving it with 16.9m voice subscribers, according to the NCA.

MTN Ghana holds the largest market share. As of April 2017 it had a 56.1% share of mobile data services and 46.9% of voice. It also held 59.7% of broadband wireless access through its 4G services.

The firm saw revenue growth of 19.8% in 2016 on the back of its strong performance in the data segment. According to the company’s financial results, data revenue increased by 66% and accounted for 42% of total revenue in 2016 on the back of the launch of a 4G network.

The Ghanaian unit of African telecommunication giant MTN Group Ltd. is petitioning the highest court to review a declaration that it is a significant market power. Failure could result in stricter regulation.

It wants a reversal of the National Communications Authority’s decision, which was upheld by a lower court, the continent’s biggest operator said in a statement. The designation would limit its growth and performance, the company said.

Fido LoansFido money lending is our second money lending app here. Fido loans is a licensed institution, specialised in giving short term loans.Fido gives loans up to the sum of 200 cedis on first time applications.Based on how soon and how well someone pays for their loans, they can qualify for loans up to the sum of 600 cedis.You can download the Fido app from google play store and apply for your first ever Fido loan.Loans are usually paid into the mobile money accounts of applicants.Orbit Lending GhOrbit Lending is one of the fastest growing online loan companies in Ghana.

Anlesinya et al (2014)16 examined whether corporate social responsibility has significant positive effect on the financial performance of MTN Ghana Limited. The study administered questionnaire on 35 management staff of MTN Ghana Limited, employed standard multiple regression and hierarchical multiple regression for the analysis. The research results showed that CSR at the aggregate level did not have significant positive effect on financial performance but community CSR has a positive while environmental CSR has negative effect on financial performance of MTN Ghana Limited. The study however has left key performance indicators of MTN Ghana unexplored lending support for a more comprehensive study in that regard. Vadiraj and Narahari (2014)1 attempted to develop a model that could predict the future trends of average revenue per user (ARPU) so that telecom service providers could formulate a strategy to increase their ARPU. The study using a multiple linear regression has been able to explain that subscriber base; number of operators and percentage of new users added periodically are the main determinants of average revenue per user (ARPU). Rahul and Xue (2012)17 attempted to examine the relationship between some selected factors and their contribution to the revenue of the Telecom industries in China and India. Using time series data collected from secondary sources from 2000 to 2010 on number of subscribers, technology innovation, and government regulation and policies, their granger causality test found no causality running from number of subscribers to the revenue of the telecom Industry in both China and India. They however found a causality running from technological innovation to the revenue of the Telecom Industries in both countries. Shmelev (2013)18 developed a model for calculating Telecom Company’s revenue and margin indicators. The study crafted the model for calculating the revenue of Telecom companies based on the Business Metric Framework (BMF) developed by the TeleManagement Forum, a global non-profit association for service providers in the Telecommunication sector. Examining the relationship between the two categories of KPIs in the BMF, the study concluded that it is possible to  create a function depending on the target KPIs lower levels, to calculate the final financial indicator at given rates and obtain a performance management  tool based on key performance indicators.  

Money transfer company, SimbaPay, has expanded its services to Ghana and Uganda. This means that SimbaPay users living in Europe can transfer money to their loved ones via mobile money or their bank accounts. SimbaPay users with a bank account or debit card can use the service to securely make money transfers. The transfers are credited to recipients immediately or after 3 days depending on which option the user selects. Recipients can then access the money through mobile money channels or via their bank accounts.

MTN is a leading organization in the mobile telecommunications industry in Ghana. It offers subscribers a wide range of exciting options under Pay Monthly and Pay As You Go Services. After one year of rebranding Mobile Telecommunications Network (MTN) in country, the organization is focused on consolidating its position as the leader in the market and to fulfill its commitment of bringing world class telecommunication services to the country. In this regard, MTN has invested substantially in a Network Expansion Initiatives meant to enhance speech quality, improve coverage intensity and to extend coverage to new areas.