Minister Calls for Patient Capital to Grow Ghana’s Fintech Startups

By Maame Efua Kwaduah

The Minister for Communication, Digital Technology and Innovations, Samuel Nartey George, has called on investors and financial institutions to provide patient capital and stronger support to Ghanaian fintech startups to help transform innovative ideas into sustainable businesses.

Speaking at the launch of the MoMo FinTech Lab in Accra, Mr George said Ghana had no shortage of innovative ideas and talented young people but needed stronger connections between innovators, investment and market opportunities.

He urged investors to engage with startups throughout the three-month incubation programme instead of waiting until the National Demo Day to identify investment opportunities. Early and sustained investment, he said, could prevent promising businesses from collapsing because of funding constraints after completing the programme.

Rethinking Startup Financing

Mr George challenged banks and other financial institutions to reconsider traditional approaches to financing technology startups, noting that fintech businesses often require patient capital and a different assessment of risk, growth and scalability.

He said some startups might not immediately satisfy conventional lending requirements but could have significant growth potential if provided with appropriate financial support.

The Minister also called for stronger collaboration among academia, technology communities, startups, investors, regulators and financial institutions to build a more resilient fintech ecosystem.

He encouraged universities and research institutions to make their laboratories, research capabilities and talent available to the MoMo FinTech Lab. Students, he said, should be encouraged to submit promising final-year projects and research ideas for testing against real-world market challenges.

Technology communities and developer networks, he added, should move beyond competitions and play a greater role in mentoring emerging developers and helping them transform prototypes into sustainable solutions.

Mr George advised young entrepreneurs to focus on solving genuine problems rather than pursuing competitions solely for prize money. He also urged innovators to view failed prototypes, pitches and business models as opportunities to learn, refine their ideas and improve their chances of success.

Government Support for Innovation

Mr George said the government remained committed to creating an enabling environment in which innovative ideas could develop into viable businesses capable of competing in Ghana and across Africa.

He described the MoMo FinTech Lab as an important platform for strengthening the country’s digital and financial technology ecosystem, noting that it aligned with the government’s broader digital transformation agenda.

The agenda includes digital public infrastructure, affordable connectivity, data harmonisation, digital identity reforms and skills development.

He also encouraged Ghanaians to take advantage of the One Million Coders Programme to acquire and upgrade their digital skills, which he described as essential for meaningful participation in the digital economy.

The Minister pledged continued government support for initiatives that promote innovation, develop digital talent and create opportunities for young people to contribute to Ghana’s digital transformation.

Innovation Must Protect Public Trust

While encouraging greater innovation, Mr George cautioned that technological development must not come at the expense of public safety and trust.

He stressed the importance of consumer protection, cybersecurity, data privacy, sound governance and regulatory compliance, particularly because fintech services directly affect people’s money and personal information.

“We cannot pursue innovation at the expense of trust,” he said.

Mr George urged the Bank of Ghana and other regulatory institutions to continue developing frameworks that protect consumers while allowing innovation to flourish.

Regulation, he noted, must keep pace with rapid technological development without becoming an unnecessary barrier to innovation.

Measuring the Lab’s Success

Mr George said the ultimate measure of the MoMo FinTech Lab’s success would be the tangible outcomes emerging from the National Demo Day.

These, he said, should include the creation of viable businesses, meaningful mentorship opportunities and concrete investment commitments.

He emphasised that the programme should go beyond developing prototypes and instead produce practical fintech solutions capable of delivering measurable benefits to Ghanaians.

Such solutions could help traders receive payments more efficiently, improve farmers’ access to credit and create employment through the growth of technology-driven businesses.

He therefore urged stakeholders to approach the programme with ambition, discipline and a clear focus on measurable results.

The broader objective, he said, is to develop fintech solutions that are inclusive, secure and responsive to local needs, while having the potential to scale beyond Ghana and compete in the wider African market.