African Fintech Network Pledges Support For The Ghana Fintech And Payments Association
It is a known fact that the African fintech industry has grown by leaps and bounds over the past decade, no doubt. The African fintech landscape has seen cumulatively over 500 fintech emerging startups across multiple categories and counting. A few leaders on the Ghanaian scene include but are not limited to Zeepay, Mazuma, PaySwitch, Hubtel, to mention a few.
The meteoric rise of fintech in Africa is transforming lives and economies, unleashing innovation, bolstering trade, and propelling an upsurge of financial inclusion across the continent.
We’ve seen Ghana's fintech sector uncover several growth layers in the past few years, particularly in payments, loans, mobile money, investments, crypto, and APIs. The Bank of Ghana (BoG), the regulator of payment systems, reports that about 71 fintech companies operate in the country.
Amidst all this growth, it may seem that the Ghanaian Fintech scene may be left behind. But that may not be the case; the Ghana Fintech and Payments Association may level the playing field.
About Ghana Fintech and Payments Association
The Ghana Fintech and Payments Association is the foremost fintech hub and not-for-profit organisation established to promote the advancement of financial technologies and payment systems in Ghana.
The principal activity of the association is to impartially promote and accelerate the acceptance and adoption of fintech and digital banking services across Ghana by creating an enabling environment that fosters dialogue, disclosure, and education to achieve financial inclusion.
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On the sidelines of the Africa Fintech Forum, which took place from the 23rd to 24th November 2021 at the Radisson Blu Hotel in Abidjan, Côte D'Ivoire, the President of the Africa Fintech Network, Dr Segun Aina, iterated the continental Network's support to the formation of the Ghana Fintech and Payments Association.
The Africa Fintech Forum is one of the leading fintech events in the Francophone Africa region and a part of the Africa Fintech Network. A catalyst platform, an insightful and inclusive forum that addresses challenges, opportunities, and actions to develop the francophone Africa fintech industry.
In his remarks, Dr Segun revealed that the "Ghanaian fintech ecosystem is fast developing. However, its development is behind in comparison to Kenya, Nigeria, South Africa and Egypt. “A lot of work needs to be done to bring it at par with other sub-Saharan countries. The need for an Association is crucial to achieving this mandate, hence the reason for the formation of a national association that would foresee the rapid digital transformation of the Ghanaian economy in the financial sector," he said.
Reacting to these comments, the Chief Executive and President of the Ghana Fintech and Payments Association, Martin Kwame Awagah, identified that "Ghana cannot afford to be on the backbench anymore, as other ecosystems are evolving, for which Ghana started well with these same nations. Globally, we are lauded for our good economic standing, and stakeholders within the fintech ecosystem cannot overlook the rapid emergence of fintechs during the pandemic as well as its penetration rate."
He further mentioned that the Ghana Fintech and Payments Association is coming when fintechs in Ghana are doing very well in developing products that tend to reach the last mile and spearheading the financial inclusion agenda.
On his part, the Managing Director of Zeepay, Ghana's locally wholly-owned fintech company, reacted by saying, "developing a robust fintech ecosystem requires the resolve of all industry stakeholders alike to fashion out regulatory systems that work well for all players but essentially, the customer."
The Ghana Fintech and Payments Association is expected to be launched officially in February 2022.
About Africa Fintech Network
The Africa Fintech Network platform unites Africa’s fintech leaders, organisations and stakeholders through their country associations.
With currently 34 member countries and counting, the Network is made up of self-regulating National Fintech Associations in each African country. It is designed to coordinate fintech activities through multi-entity collaboration, engagements and partnerships among African fintech hubs and National Fintech Associations. The National Fintech Associations will constitute the core membership of the Network while strategic partners are also enlisted for participation.
The network was formally inaugurated in Lagos, Nigeria, on Tuesday 4th December 2018 during the first Africa Fintech Festival by the Vice President of the Federal Republic of Nigeria, the President of Africa Development Bank, with the active participation of the Country Head of the IMF, and representatives of UK-DFID, UNECA, Ecobank Group, Ghana’s Minister of Business Development, and other local and global corporations.
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