Governor of the Bank of Ghana, Dr Ernest Addison has underscored the impact of innovative FinTechs in the country as one that has so far yielded some phenomenal results.
According to him, FinTech-driven products and services have created employment, boosted foreign direct investments, aided technology transfer and skills enhancement as well as financial inclusion.
Speaking at the inauguration of an edifice for Zeepay Ghana Limited in Accra on March 29, 2021, the BoG governor said the footprints of FinTechs operating in the country are already visible to see.
“So far, the impact of innovative FinTech-driven financial products and services has been phenomenal. From employment creation to foreign direct investments, technology transfer and skills enhancement to financial inclusion, the footprints of FinTechs are visible.”
“These positive developments place a lot of responsibilities on FinTechs to operate efficiently and remain compliant with the relevant laws, directives, and policies of the Bank.”
“This is the only way that we can build consumer confidence and trust in financial digitisation, as well as ensure the delivery of sustainability of the financial products and services that are churned out by FinTechs,” Dr Ernest Addison said.
The governor however urged the management of Zeepay to set the tone in the Fintech sector with strict compliance with the central bank’s regulatory framework.
Meanwhile, to further promote Fintech development and innovation, the Bank of Ghana in collaboration with EMTECH Service LLC. in February this year launched a sandbox pilot.
The pilot is a supportive and controlled policy environment that enables firms to test innovative products, services and business models under the supervision of a regulator.
The central bank explained that the sandbox will be available to banks, specialised deposit-taking institutions and payment service providers including dedicated electronic money issuers as well as unregulated entities and persons that have innovations that meet the sandbox requirements.