The Minister of Communication, Digital Technology and Innovations, Sam Nartey George, has urged stakeholders in the technology and financial sectors to deepen collaboration in developing solutions that respond to Ghana's real economic challenges and have the potential to scale beyond the country.
He said collaboration among academia, startups, developers, investors, regulators and financial institutions would give the country a genuine advantage in the sector.
The minister made the call in Accra at the launch of the MoMo Tech Lab, a three month innovation programme designed to identify, nurture and support fintech talent while developing practical digital solutions capable of improving livelihoods and strengthening Ghana's position as a hub for financial technology innovation.
He said the country could no longer treat fintech as merely an emerging technology sector, given its growing role in facilitating economic activity and expanding access to financial services.
George said mobile technology had significantly transformed the financial landscape by allowing people previously excluded from the formal financial system to access payments and other financial services through their phones. He said this had created opportunities for millions of Ghanaians, including small scale traders, farmers and young entrepreneurs who depend heavily on accessible and affordable financial services.
He stressed, however, that the expansion of fintech should not come at the expense of trust and safety, insisting that innovation must be supported by strong governance structures. He identified consumer protection, cybersecurity, data privacy and regulatory compliance as essential pillars for the sustainable development of the fintech ecosystem.
George called on universities to build stronger links between academic research and industry by encouraging students to develop final year projects and research around real world challenges that could eventually become viable products and businesses. He also encouraged technology communities and experienced professionals to mentor young innovators, while urging investors to provide the capital needed to move promising ideas from development into sustainable businesses.
He said the success of the MoMo Tech Lab should ultimately be measured by tangible outcomes rather than the number of participants or activities undertaken during the programme, and challenged stakeholders to ensure that ideas generated through it were developed into sustainable ventures capable of creating jobs, attracting investment and contributing to Ghana's digital economy.
The Head of Fintech Regulations at the Bank of Ghana, Owureku Asare, said the regulator's priority was to ensure fintech companies operate within the applicable legal and regulatory framework while protecting customers' interests. He urged young innovators to engage the central bank early in developing their products, so regulatory requirements could be understood and built into their solutions from the outset, and encouraged participants to make use of the Bank of Ghana's innovation hub for regulatory guidance. He also urged innovators to treat the MoMo Tech Lab as an opportunity to develop solutions that meet required standards for cybersecurity, data protection and regulatory compliance.
The Chief Executive Officer of MoMo Fintech Limited, Shaibu Haruna, said the programme would run across three zones, Accra, Kumasi and Tamale, to give fintech talent from different parts of the country the chance to participate. He said the geographical spread was meant to widen the talent pool and create opportunities for innovators outside the capital to contribute to Ghana's growing digital economy, adding that the programme would give participants the chance to develop and refine their ideas, receive mentorship and work toward solutions with practical commercial applications.
