The president of the Ghana Fintech and Payment Systems Association, Mr. Martin Kwame Awagah, has predicted a significant shift in Ghana’s financial landscape, with FinTechs expected to overtake traditional banks as the primary providers of customer-facing financial services in the near future.
Speaking on the Business Breakfast Show on Zed, Mr. Awagah acknowledged that while traditional banks will remain relevant, their role within the ecosystem is rapidly evolving.
“They’ll be with us for the long haul, but their operations and business models are changing,” he said.
“Banks will focus more on back-end compliance and regulatory obligations, while FinTechs take the lead in delivering innovative, customer-focused solutions.”
Ghana’s financial technology sector has seen remarkable growth over the last decade, fueled by the widespread adoption of mobile money, digital payments, and increasing access to internet-based financial services.
According to the Bank of Ghana, more than 19 million Ghanaians were active mobile money users as of 2023, with over 1.5 billion digital transactions processed annually.
Mr. Awagah attributed this transformation to advancements in digital infrastructure, notably the Ghana Interbank Payment and Settlement Systems (GhiPSS) and interoperable platforms supported by telecom operators. These systems have enabled universal financial access using just a mobile number—a game-changer for inclusion in underserved rural communities.
“Even feature phones can now access mobile money services. This was impossible years ago when traditional banks couldn’t reach certain segments of the population,” he noted.
Despite the gains, Mr. Awagah acknowledged that the rise of digital finance comes with challenges.
He cited recent Bank of Ghana fraud data, which shows a 5–7% increase in digital financial fraud.
He called for intensified public education on cybersecurity, especially as more individuals use their mobile devices to manage their banking and investment accounts.
“In the past, you had to queue at the bank or even pay for a printout of your transaction history. Now, your mobile phone gives you instant access to your financial records at no cost—with more convenience, speed, and transparency,” he emphasized.
Mr. Awagah was quick to note that the evolution of the financial services sector is not a battle between FinTechs and banks, but rather a collaborative transition that benefits the broader economy.
“This transformation is fostering greater trust in digital finance and enabling Ghanaians to make informed financial decisions with ease,” he stated.
“FinTechs are leading in innovation, but collaboration with traditional banks is essential for building a resilient and inclusive financial ecosystem.”
With Ghana positioning itself as a hub for digital finance innovation, industry leaders like Mr. Awagah believe the convergence of technology, policy, and inclusive access will shape the future of finance—one where every Ghanaian, regardless of location or income, can fully participate in the financial system.
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