December 7, 2022

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Fintech in Ghana: Monetary inclusion and the drive in direction of a cashless economic system

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Monetary Know-how, extensively identified by the moniker ‘FinTech’, is the applying of expertise in delivering monetary services and products to purchasers or clients. Whereas expertise by itself was nothing new to the world of monetary companies — because the establishments used it on the again finish of their operations, the arrival of the web within the early Nineteen Nineties sparked a revolution throughout the business.

A decade later, the arrival and widespread use of internet-enabled cell gadgets comparable to Palm PCs accelerated the revolution right into a growth. Now, with smartphones and tablets, the fact is that conventional monetary companies have been disrupted by expertise. At present, you can also make cell funds and cash transfers, entry loans and lift funds, and handle your property, all from a cell gadget — miles away from a banking corridor or an establishment’s service centre. That’s FinTech in Ghana at a cursory look.

Nevertheless, FinTech would contain extra than simply smartphones and the web for it to thrive. Somebody or some group of individuals must construct programs to operate in a fashion that facilitates companies for each purchasers and suppliers. Proper? To this finish, corporations got here into being; to supply the software program and functions — obligatory platforms on which the monetary expertise business is constructed.

On this article, we’ll give attention to the monetary expertise panorama of Ghana, trying at the start to the current and a peek into the longer term plans for a cashless economic system — from the excessive desk.

An summary of Fintech in Ghana

As famous earlier, FinTech goes past the cost programs and companies that the shopper immediately interacts with. Nevertheless, since fashionable banking couldn’t have existed within the first place with out again finish applied sciences, we’ll ‘ignore’ that and direct the main focus of this text towards customer-oriented companies — even corporations working from outdoors the standard finance sector.

Sika Card

Ghana’s contribution to FinTech started in 1997, when the then Social Safety Financial institution (SSB) launched the ‘Sika Card’ into the Ghanaian banking sector. Its function was to remove the usage of massive sums of cash for transactions. Being the primary of its sort within the nation, the good card served as an alternative choice to banknotes and cheques – enabling holders (each clients and non-account operators of SSB) to conduct cashless transactions with one another and the financial institution.

At present, whereas the financial institution, which is the fifth largest within the nation has rebranded as Société Générale (previously SG-SSB), it continues to supply innovation — whereas additional investing in on-line banking.

E-zwich Good Card

In April 2008, ten years after the Sika Card, the federal government of Ghana underneath President John Agyekum Kuffour launched the E-zwich good card — as a nationwide good cost system. The interoperability of the e-zwich system supplied banks, financial savings and loans corporations, in addition to different deposit taking establishments a platform inside which to function.

Due to the massive community of banks and monetary establishments the place E-zwich transactions may be carried out, it’s at the moment the one good card in Ghana whose customers benefit from the comfort of nationwide entry to the service. Additionally, it’s the most safe system as transactions want biometric knowledge (fingerprints) earlier than getting authenticated. A lesser identified reality concerning the E-zwich is that, it marked the introduction of biometric banking worldwide.

As famous earlier, FinTech is to not be restricted to cost platforms and programs solely. For instance, requesting and receiving a financial institution assertion in your desktop pc or cell gadget is feasible on account of fintech. At present, it’s fairly widespread for banks to have cell apps with which clients could make checks and enquiries in addition to discover out info on merchandise regarding their financial institution accounts.

Cellular Cash and Different Cellular e-Wallets

In 2009, telecom large MTN launched Cellular Cash onto the Ghanaian funds panorama. It was an ingenious technique to rein the unbanked into the formal sector; it didn’t take too lengthy for the service to catch on with folks. It was a quick, handy, and reasonably priced technique to make funds, switch cash, and conduct different transactions merely with one’s cell phone quantity.

As of the tip of December 2018, the variety of Cellular Cash accounts was 32 million, representing a 17.43 per cent leap from 23.9 million registered accounts in 2017, though solely 13 million accounts had been lively as at December 2018.

MTN’s Cellular Cash proved to be so profitable with those that the years that adopted noticed the opposite telecom operators — Airtel (Airtel Cash) and Tigo (Tigo Money) securing a foothold inside that area for themselves. The 2 have since merged to kind AirtelTigo. The final to affix their ranks was Vodafone, who in 2015 launched the M-Pesa service in Ghana — underneath the Vodafone Money model title.

The e-wallets didn’t turn into profitable with out challenges, nonetheless. The telcos needed to bear the price of creating the infrastructure in addition to consciousness and enlargement drives. However the challenges however, cell e-wallets have established themselves as main gamers within the current and way forward for Ghana’s monetary companies business.
In Could of 2018, the cell cash interoperability system was launched. At its full implementation, the service made it simpler to switch funds between cell wallets inside and throughout networks. That apart, it permits motion of funds between ones checking account and cell e-wallet; giving the consumer 24/7 entry.
Previous to the introduction of the cell cash interoperability system, there was MOVE; the USSD primarily based platform (*718#) that allowed customers to ship cash in addition to pay payments immediately from their cell pockets.

Different Fee Platforms

Apart the banks and telcos which can be impacting the monetary sector with modern companies, there are a selection of indigenous corporations whose fundamental focus is on offering worth by modern monetary expertise. Within the subsequent few paragraphs, we’ll get to find out about these corporations and what distinctive characteristic units every aside from others within the class.


expressPay is that one cost gateway supplier that does all of it. From funds for subscription TV companies (DSTv, GoTv, and so forth), to purchasing airtime from all of the telcos within the nation, and paying faculty charges; in addition to reserving lodge rooms — expressPay does all of it in actual time.
Apart supporting all card networks (Visa, Mastercard, American Specific, and so forth.) and cell cash companies, expressPay is an official Visa Fee Know-how Supplier (PTP). And it’s a very safe system because it meets all of the worldwide safety requirements and is PCI DSS licensed.


Slydepay 1

One cool factor about Slydepay is that it permits you to ship cash out of your bank-issued credit score or debit card, to any community’s Cellular Cash pockets, even in case you don’t have a cell pockets.
Slydepay makes it simple so that you can pay for companies rendered by making deposits into the receiver’s cell cash account. Additionally, you may pay faculty charges and utility payments and contribute towards organisational funds or dues — all by this platform.

You can even use the service to buy airtime and knowledge bundles from all of the telecom suppliers and replenish your Busy and Surfline web accounts.

Slydepay assists with bulk transfers, bulk purchases, and the processing of transactions for companies and retailers. Let’s assume that you simply function a restaurant; now, half of your clients desire to pay with cell cash and playing cards. That may current you with an issue in monitoring cell cash funds for all three cell cash wallets of the three telcos. To resolve this, Slydepay offers you with a USSD code, Cellular Cash POS or QR code to type out all of your cell cash funds on one platform. There are not any further telephones or lengthy queues; moderately, additional cash for your enterprise.


Hubtel began in 2005 as a non-telco SMS gateway supplier (SMS Gh). At present, after greater than 14 years of innovation, its cell value-added aggregation and funds platform is extensively thought to be an business chief amongst its contemporaries.

Retailers with WordPress web sites can add Hubtel Funds to their web site by the Woocommerce cost gateway. This allows them to obtain funds from purchasers both by their financial institution playing cards (Grasp Card and Visa) or through cell cash. At the moment, it’s the solely FinTech with a rewards system that provides again to purchasers after they pay for items and companies; utilizing the platform.

Additionally current inside this class are ALEXpay, PalmPay, FlexiPay, Mazzuma, and ZeePay, and so forth., who amongst others, are just some of the newer cost platforms; which is able to individually be coated in subsequent articles.


For sure, the presence of cost platforms comparable to these famous earlier has positively impacted and disrupted how enterprise is performed in Ghana. Among the many lot, Cellular Cash is essentially the most generally used cost possibility for a lot of clients and repair suppliers.
The e-commerce sector of Ghana’s commerce business is increasing primarily on account of such platforms that make it simple to make funds that hitherto needed to be achieved with money. For instance, though many companies had been listed on-line previously, you couldn’t make upfront funds with out bodily being at a showroom or store. Now, you’re ready to go online to a vendor’s app or web site and accomplish that with a couple of faucets in your smartphone display screen.

With much less cash being carried round, one has the peace of mind that the probability of dropping massive sums within the occasion of a mugging or armed assault is much less or nonexistent. In that sense, one can say that there’s been an enchancment within the normal safety to an extent.


As Ghana goes digital along with her economic system, one important step that has been taken in direction of additional liberalising the nation’s cost system is the passage of the Fee Programs and Companies Act earlier in March 2019 to control establishments that present cost companies in addition to digital cash enterprise and associated points.

The Act, which might permit for the entry of non-banks and allow direct licensing of FinTechs by the Financial institution of Ghana, is a part of the regulatory establishment’s broader technique for creating an enabling atmosphere that may facilitate retail funds and funds switch mechanisms which can be environment friendly and protected.

Additionally, the supply and relative ease of entry to Cellular Cash APIs make it simpler to do FinTech associated enterprise in Ghana — in comparison with some African international locations, gaining access to these APIs shouldn’t be simple.


Total, whereas Ghana’s monetary expertise sector may be thought of vibrant within the numerous platforms out there, it’s nonetheless fairly a ways away from being thought of a serious participant on the continent. This isn’t solely in relation to the variety of lively service suppliers but additionally how accepted a few of the platforms are in worldwide transactions.
Cellular wallets (Cellular Cash) are essentially the most generally used such that even the non-bank cost platforms have these companies built-in into their programs as a part of the out there choices. The foremost problem posed by that is the rampant fraud circumstances perpetrated by some cell pockets customers. Whereas some platforms can monitor and mitigate the chance of fraud, it’s fairly arduous to hint the perpetrators of such fraudulent actions as numerous folks’s wallets are tied to false credentials.
One of many final goals of FinTech is to convey the unbanked into the formal sector by enabling monetary inclusion. Because of this, Ghana’s platforms and programs must evolve and attain the usual the place folks can full funds on the key worldwide platforms with out essentially having to place their financial institution or bank card info into an e-commerce service supplier’s billing system.
One other occasional downside occurs when networks or programs expertise ‘downtime’ simply as a transaction is being labored on. When such inconveniences occur, one is usually pressured to forgo the acquisition as time will not be an ally in that second.

Understandably, programs expertise glitches once in a while. Nevertheless, service must be restored as rapidly as attainable. Many distributors often lose gross sales when clients forgo a purchase order due to such inconvenient conditions. FinTech is supposed to make issues simpler, not complicate them additional.

Future Prospects

Whereas most items and companies may be paid for utilizing good playing cards and e-wallets, one market that’s nonetheless left untapped is within the transport sector. As it’s now, most transport funds are achieved by money transactions. For a rustic that’s aspiring to realize a cash-lite economic system, this isn’t one thing to be brushed apart.

Digitising the transport sector would make it simpler to control fares — one thing that causes competition between commuters and automobile operators. Additionally, it could allow regulatory our bodies to limit or establish autos with a selected route — making it simpler to trace them when the necessity arises.

The expectation in that regard is for a easy system to be developed by which commuters will get their transport fares sorted out with out involving money. When this occurs, it’ll remove the delays and anxiousness skilled by passengers when the motive force or his mate (conductor) doesn’t have sufficient change at hand for commuters.

In Conclusion


Whereas Ghana can’t be thought of younger when FinTech is being mentioned, it nonetheless has an extended technique to go — with the service suppliers (platforms) and the end-user. For instance, some respondents to a survey touched on points regarding aggressive charges, and the quantities that must be paid to maintain a cell cash service working. The grievance was that ‘fledgling’ corporations who personal cell cash apps don’t retain any cash. This is a matter the regulatory physique has to deal with in an effort to assist create a pleasant or beneficial atmosphere for corporations to function inside.

Individuals are shifting away from playing cards and gravitating extra in direction of finishing transactions on their smartphones. Thus the GhIPSS Prompt Pay (GIP) service which permits funds to electronically be despatched throughout monetary establishments from one checking account to the opposite as a single instant cost, is a welcome little bit of innovation.

The FinTech panorama modifications to go well with folks’s wants. Innovation is the best way to remain related inside this area. Hopefully, whereas the varied platforms compete to dominate the area, they gained’t neglect to collaborate on necessary points, particularly in regard to safety.

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