Fintech in Ghana cuts across the business, health, banking and insurance sectors. The types of active fintech businesses predominantly operate in the areas of finance and retail banking services, investment management, crowdfunding, insurance and payment systems (particularly peer-to-peer lending).
Ghana was first introduced to fintech in 1997 when the then Social Security Bank introduced the Sika Card which allowed holders to engage in cashless transactions. In 2008, the government launched a national smart payment system known as e-zwich, an interoperable payment system, for use in banks and savings & loans companies for the conduct of cashless transactions. Ghana has since revolutionised its fintech industry to embrace the use of smartphones and applications in transactions. There are presently over 11 million active users on mobile payment systems, with banks recording over 80% of their transactions as originating from electronic and digital channels. The Bank of Ghana (BoG), which is the regulator of payment systems, reports that about 71 fintech companies operate in the country.