Fintech Growth Must Translate into Real Financial Gains — BoG Deputy Governor

Ghana’s rapidly expanding financial technology sector must now prove that it can deliver tangible economic value beyond widening access to digital services, the First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has said.

Addressing licensed fintech firms at a high-level breakfast meeting, Dr Mumuni emphasised that while Ghana’s digital finance ecosystem has made notable strides in improving access, the next phase of growth will be judged by its ability to deepen financial inclusion in practical terms through credit access, savings mobilisation, insurance uptake and broader economic security.

“The real question before us is not just how to scale technology, but how to ensure that innovation delivers meaningful economic value and financial security,” he said.

Ghana’s fintech landscape has evolved significantly over the past decade, driven largely by the rise of mobile money platforms and digital financial services. Dr Mumuni noted that this transformation has shifted fintech from the periphery of the financial system to its centre, with digital platforms now playing a critical role in the daily financial activities of households and businesses.

“A little over ten years ago, a Ghanaian farmer in the Northern Region had no bank account, no credit history, and no path to formal finance. Today, that same farmer can save, borrow, and insure against drought from a mobile phone,” the deputy governor said.

Despite these gains, the Deputy Governor cautioned that access alone is no longer a sufficient measure of success. He observed that many users remain limited in their ability to leverage digital platforms for broader financial advancement, highlighting a gap between access and meaningful usage.

This, he suggested, requires a shift in focus from expanding user numbers to improving the quality and depth of financial engagement. In particular, the ability of fintech platforms to support productive lending, long-term savings and risk protection will be central to determining their developmental impact.

Dr Mumuni also outlined the central bank’s approach to sustaining growth in the sector, stressing that regulation should be seen as an enabler rather than a constraint.

“From the perspective of the Bank of Ghana, our role is to create the right environment for innovation to thrive,” he said. That includes “supporting shared digital infrastructure, strengthening digital identity systems, and maintaining a regulatory framework that encourages responsible experimentation without compromising trust or stability”.

He indicated that the BoG is focused on building the institutional and technological foundations required for sustainable innovation, including robust digital identity systems and shared infrastructure that can support scale while safeguarding financial stability.

In a strong endorsement of the sector, Dr Mumuni underscored the central bank’s view of fintech firms as key stakeholders in shaping the future of Ghana’s financial system.

“At the Bank of Ghana, we do not see Fintechs as peripheral players. We see you as architects of a new financial order one that is faster, more inclusive, and more innovative,” he said.

However, he noted that this positioning carries greater responsibility. As fintech firms become more deeply integrated into the financial system, they will increasingly be assessed on their ability to build trust, ensure resilience and deliver long-term value, rather than simply driving rapid innovation.

The Deputy Governor further placed Ghana’s fintech ambitions within a broader global economic context, arguing that financial system agility will be a defining factor in future competitiveness.

“The countries that will lead the next decade of economic growth are not necessarily those with the most resources, but those with the most agile financial systems systems built on trust, data, and innovation,” Dr. Mumuni said.

His remarks signal a strategic shift in the narrative around fintech in Ghana, from expansion and disruption to consolidation and impact as regulators and industry players alike focus on ensuring that digital finance translates into measurable improvements in livelihoods and economic opportunity.