As the Global Fintech market is projected to hit US$400 billion by 2028, stakeholders in Ghana’s digital economy space are building up momentum for full digital credit systems as they call for deeper collaboration between fintech firms and financial institutions to close existing gaps in Ghana’s financial sector.
Bank of Ghana, has announced key regulatory measures aimed at strengthening innovation and aligning financial regulation with rapid market developments in the fintech space.
Towards this, the central bank is expected to begin receiving applications for digital credit licenses starting November 3, encouraging interested players in the sector to take advantage of the opportunity.
“The central bank will soon operationalise the Digital Credit Directive, roll out a virtual assets licensing regime, and expand financial literacy and consumer redress mechanisms nationwide”, Second Deputy Governor of the Bank of Ghana (BoG), Mrs. Matilda Asante-Asiedu said while speaking at the MoMo Fintech Stakeholder Forum, last week.
The move, she noted, forms part of efforts to promote responsible innovation, enhance consumer protection, and build trust in Ghana’s growing digital financial ecosystem.
She announced, “In the near term, what we intend to do is to operationalise the Digital Credit Directive and roll out our virtual assets licensing regime and expand financial literacy as well as the redress mechanism across the country.
“We expect that from November 3, applications will now be received for Digital Credit. So, if that is an area you’re interested in, certainly that’s something to take note of.”
Meanwhile, the Chief Products and Services Officer at Mobile Money Limited, Sylvia Otuo-Acheampong, has called for deeper collaboration between fintech firms and financial institutions to close existing gaps in Ghana’s financial sector.
Also speaking at the MoMo Fintech Stakeholder Forum, Sylvia Otuo-Acheampong urged banks and other financial players to explore opportunities in digital credit and lending through fintech partnerships.
“There are a lot of customers probably looking for an opportunity. I will appeal to our partners within the ecosystem, especially the financial institutions, to really look at credit in Fintech
“I know they are traditionally looking within themselves,” she noted.
She noted that while financial institutions traditionally focus on internal systems, greater openness to collaboration would expand access to financial services and innovation.
Sylvia Otuo-Acheampong also encouraged fintech firms to strengthen partnerships and co-develop solutions that make credit collection more efficient.
“Another appeal goes to Fintech, we co-create, we co-re-innovate, so I think we need to find very interesting ways to improve collection,” she urged.
By Adnan Adams Mohammed
