May 16, 2023

Fintech 2023

1. Fintech Market

1.1 Evolution of the Fintech Market Recent Developments
Ghana’s fintech market covers the business, banking, health and insurance sectors. The Gha- naian fintech market has experienced significant growth over the past year.

Mobile money services

Mobile money services dominate the fintech landscape in Ghana. They are operated by tel- ecommunications companies, with MTN Ghana, Vodafone Ghana and AirtelTigo Ghana as the active players in the industry in Ghana. Initially, their services were limited to the deposit and withdrawals of funds; however, the platforms now allow users to pay utility bills, obtain credit services, receive remittances, and send and receive money from banks. The banking sec- tor has also adopted fintech solutions in service delivery, with a number of banks collaborating with fintech start-ups and other tech companies to offer mobile money services through bank- ing apps. For example, GT Bank Ghana and Fidelity Bank Ghana have both partnered with Expresspay to provide mobile money services to customers. A Bank of Ghana Economic and Financial Data report indicated that the number of active mobile money users has increased to 401 million users with a total value of transac- tions at GHS82.9 billion as of December 2021. In a recent Bank of Ghana report on Fintech Statistics in Ghana, it was reported that, as at December 2022, the total volume of e-money transactions stood at 488.2 million and the total value of the transactions amounted to GHS122.1 billion (equivalent to USD9.5 billion).

Link to PDF
Fintech 2023 017_GHANA


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