Ghana Fintech and Payments Association

Happy weekend LinkedIners!

Ghana’s Vice President Dr. Mahamudu Bawumia has launched MyCredit Score, a credit scoring platform, designed to improve access to credit and support financial inclusion. The platform, available to individuals and businesses, provides a standardized credit score to help lenders assess applicants more effectively and responsibly. Access to fair and transparent credit has been a significant barrier in Ghana’s financial landscape, especially for individuals and small businesses lacking formal credit histories. MyCreditScore aims to bridge this gap by creating a single, accessible score that lenders can use to make informed decisions, expanding credit access across the country. myCredit Score Ltd. https://lnkd.in/enPhQZVG

We are proud to announce that Building Bytes will serve as Podcasting Partner for the 2024 Ghana FinTech Awards! Building Bytes is a podcast that tells relevant stories about Ghana’s tech ecosystem to drive growth and innovation. It is hosted by four MEST Africa-trained software entrepreneurs and publishes a new episode every Friday on YouTube and Spotify. The show has hosted some of Ghana’s tech leaders in fintech, agrictech, telecoms, and commerce. As part of an effort to drive growth and innovation, Building Bytes also hosts Ghana’s leading digital product showcase event, Demo Fridays, which brings together major players in the tech ecosystem to experience Ghanaian innovation every last Friday of a quarter. Building Bytes is a part of Insights Lab, a Ghanaian-registered business consulting firm making industry insights accessible to all across multiple industries. Don't forget to submit your nominations via our website www.ghanafintechawards.org For more information on partnership and sponsorship, please email cristina@ghanafintechawards.org or contact +233(0)598385685 Poga Kuofie

ANNOUNCEMENT 📣 We are happy to announce Samuel Tettey Amanor as an Ambassador for the 2024 Ghana FinTech Awards. Samuel Amanor is a visionary leader and entrepreneur from Ghana, recognized for his profound impact on the fintech, trade, and global payments sectors across Africa. As the Founder and CEO of BlueSPACE Africa Technologies (GH & UAE), BlueSPACE Financial Cloud, and BlueSPACE Innovation Hub, Samuel has pioneered efforts to integrate advanced technological solutions with African markets, driving significant transformation across the continent. Prior to his ventures with BlueSPACE, Samuel also led EMC and Dell's businesses in emerging markets, driving digital transformation in West Africa as CEO for Ghana. This role further cemented his expertise and leadership in navigating complex technological landscapes. With over 18 years of experience, Samuel has built and led teams that have significantly advanced the landscape of African trade, payment systems, and fintech talent development. His roles as Vice President of Funding & Partnerships at the Ghana Fintech and Payments Association, and his leadership in various tech associations, underscore his commitment to pioneering a pan-African financial ecosystem. As a managing system integration partner for global financial technology giants like FIS Global, Finastra, TreasuryHub, Kyriba, ECS Fin, OpenWay, Thought Machine, BPC, FintechOS, SKaleet, and Temenos in sub-Saharan Africa, Samuel's expertise guides banks, insurance companies, and central banks through digital transformation. Under his leadership, BlueSPACE FinancialCLOUD provides innovative fintech solutions that enhance operational efficiency, reduce costs, and expand market access for financial service providers across Africa. Samuel also champions entrepreneurship through the Ghana Innovation Hub, which he co-founded, offering mentorship, tools, and funding to nurture early-stage companies. Samuel's dedication extends to his role in the Africa Prosperity Network Interoperability Committee and as a visionary founder of the Single Africa Payments Area (SAPA), where he plays a crucial role in unifying trade and payment systems across the continent. His efforts align with his broader vision of advancing the Africa Continental Free Trade Agreement (AfCFTA) and his recent appointment as a global ambassador for the 3i Africa Summit, seeking to foster collaboration among policymakers, fintech innovators, and financial service providers to advance a unified African market. A passionate advocate for innovation, Samuel holds advisory positions focusing on AI, Agritech, and renewable energy. Stay tuned for updates on this year’s edition of the Ghana Fintech Awards scheduled for 1st March 2025. Visit our official website www.ghanafntechawards.org For more information on partnership and sponsorship, please email cristina@ghanafintechawards.org or contact +233(0)598385685

The CEO of NextGen Infraco, Tenu Awoonor has said that once the shared 5G infrastructure is launched in Ghana, even individuals can secure capacities and start their own community-based Internet Service Provider (ISP) businesses without going through any of the existing telcos and ISPs. He was speaking in an exclusive interview with Techfocus24 at the launch of the nationwide shared 5G network in Ghana. Tenu Awoonor noted that, as a wholesaler, NGIC is ready to provide capacity to anyone who wants to be a reseller of broadband data, which means “anyone can launch an MVNO (mobile virtual network operator) and acquire capacity from us and offer data services in a niche market like a school, community of even a whole region. https://lnkd.in/dP2jXWva

Co-founder and CEO of Hubtel, Alex Bram has stated emphatically that, contrary to speculations about the company’s ownership, the fintech has always had and still has only two shareholders – himself and his partner, Ernest Apenteng (pictured above). He also stated categorically that for the past 19 years (2005 to 2024) that the company has existed, they have had zero investor funding, but has still emerged as one of the biggest fintech firms that Ghana has ever produced. Since the Hubtel and ECG Ghana deal became a matter for public discussion, there have been widespread speculations about the ownership of Hubtel stemming mainly from the fact that the company is involved in a number of ‘juicy’ state-related digital projects. https://lnkd.in/dmBQznmT

A FinTech expert has said the introduction of 5G internet in Ghana will require substantial regulatory adjustments within the FinTech space to ensure consumer protection and data security. The President of Ghana FinTech and Payment Association (GFPA), Martin Awagah 🇬🇭🌍 who said the above, however, admitted that 5G would revolutionise Ghana's FinTech sector, stressing again that there was a need for comprehensive regulations to govern the FinTech industry in an increasingly connected world. He was speaking in an exclusive interview with Graphic Business, following the formal launch of the new technology in the country and how that could bring more flexibility, efficiency and speed to transform the FinTech space in the country. "Existing regulations like the Data Protection Act provide a foundation, but the FinTech industry requires updated, stricter guidelines on data encryption, storage and transfer to protect sensitive financial information in this high-speed, connected environment," he said. https://lnkd.in/dBXa-6wz

The Association is taking significant steps to expand access to digital financial services in the northern and middle parts of the country, come 2025. The Association believes this initiative will promote inclusive access, noting that a larger portion of users in the southern sector currently rely on digital financial services. During a media briefing following the launch of the fourth Ghana FinTech Awards and Dinner Night held on Friday, October 25, 2024, in Accra, the Association’s President, Martin Awagah 🇬🇭🌍 announced plans for a series of #roadshows aimed at raising awareness among potential users in rural areas. “A lot of digital financial services products have been developed, and the majority of them are being used within the southern belt of Ghana. So, more opportunities need to be exploited within the northern and middle belts of Ghana. Now, there’s the need to also take education to them. That’s one of the things that we are working with other stakeholders to make sure going forward next year and the years beyond, we take some of these activities and events not just within Accra, but expand the reach. So we are considering even having a fintech roadshow that would take us from the southern belt to the northern belt so that we can engage, ” he noted. https://lnkd.in/dk9-sxX9

With merely five years to 2030, financial experts and policymakers have indicated that the ambitious goal of achieving a cashless economy by 2030 is increasingly unrealistic. Despite significant advancements in digital payment technologies and the growing adoption of mobile wallets, numerous challenges hinder the transition to a completely cashless society. President-Ghana FinTech and Payments Association, Martin Awagah 🇬🇭🌍, stressed that cash push transactions currently hold the greater proportion of trade in the country – and it will remain so for a long while as trust, education, security, infrastructure and other technological issues persist. “By 2030 we are likely to see close to an equal amount of cash usage against digital transactions, but going cashless will stretch longer into the future,” he said. Touching on efforts and investments made toward attaining a cashless system, he said: “Despite all the strides we have made in cashless advocacy, we still lack some basic things. Almost everyone who is a heavy user of digital payment has about two to three apps or web applications for transactions, simply because of technical challenges. https://lnkd.in/d5HCzhbi

Congratulations Oze and NylaBank 👏