Fintech Innovation Must Not Come at Expense of Trust- Sam George
The Minister for Communication, Digital Technology and Innovation, Samuel Nartey George, has warned that Ghana's drive to promote financial technology innovation must not undermine consumer protection, cybersecurity, data privacy and regulatory compliance.
Speaking at the launch of the Momo FinTech Lab, Mr George said financial technology directly affects people's money and therefore requires strong public trust.
“When money is involved, trust is not optional. It is the product,” he said.
The minister said while Ghana must move quickly to take advantage of technological opportunities, the government would not compromise the safety and financial security of citizens in the pursuit of speed.
He stressed that innovation must be accompanied by strong governance, consumer protection mechanisms, cybersecurity safeguards, data privacy and adherence to regulatory requirements.
“Government will not trade the safety of Ghanaians for speed,” Mr George stated.
The minister called on the Bank of Ghana and other regulatory institutions to continue strengthening frameworks governing payment systems, digital financial services and open banking.
However, he urged regulators to ensure that regulation protects consumers without unnecessarily restricting innovation.
According to him, Ghana needs regulation that responds to the speed of technological development rather than the slower pace of bureaucracy.
“We need regulation that protects without suffocating,” he said.
Mr George nevertheless cautioned that regulatory flexibility should never become an excuse for irresponsible practices within the fintech sector.
He said the growing importance of fintech in Ghana's economy makes it necessary for all stakeholders to balance innovation with accountability.
The minister was speaking at the launch of the Momo FinTech Lab, which seeks to bring together academia, technology communities, startups, innovators, investors, regulators and financial institutions over a three-month period.
The programme will use hackathons to identify ideas, mentorship to strengthen them and incubation support to develop promising concepts into viable ventures.
A national Demo Day will subsequently provide an opportunity for Ghanaian innovators to showcase their solutions.
Mr George said the success of the initiative would not be measured simply by the number of people who attend its launch but by the tangible ventures, mentorship opportunities and capital commitments generated through the programme.
He challenged stakeholders to ensure that the innovations emerging from the programme are secure, inclusive, locally relevant and capable of expanding beyond Ghana into other African markets.
Mr George said technology should not be developed merely for its own sake but should be used to improve people's lives, expand opportunities and create prosperity.
He cited potential benefits, including traders receiving payments instantly, farmers gaining access to credit and young graduates finding employment through new businesses created from technology innovations.
He said Ghana already possessed the ideas and talent required to become a stronger technology hub but needed to deliberately build the bridge between talent and opportunity, ideas and investment, and innovation and impact.
The Momo FinTech Lab, he said, represents one such bridge and requires sustained commitment from government, regulators, financial institutions, investors, academia and the technology community.
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