The President of the Ghana Fintech and Payment Systems Association, Mr. Martin Kwame Awagah, has indicated that while traditional banks will remain relevant for the foreseeable future, their evolving operations will increasingly position FinTechs as the primary providers of customer-facing financial services.
Over the past decade, Ghana has experienced significant growth in the financial technology sector, driven by rising adoption of mobile money, digital payments, and internet-based financial services.
According to the Bank of Ghana, as of 2023, over 19 million Ghanaians were actively using mobile money services, with the volume of digital transactions surpassing 1.5 billion annually.
Speaking on the Business Breakfast show on Zed, Mr. Awagah noted that although banks are not “going anywhere,” their role in the financial ecosystem is undergoing transformation.
“They’ll be with us for the long haul, but their operations and business models are changing. Banks will focus more on back-end compliance and regulatory obligations, while FinTechs take the lead in delivering innovative, customer-focused solutions,” he said.
Mr. Awagah stressed that advances in digital infrastructure, such as the Ghana Interbank Payment and Settlement Systems (GhiPSS) and interoperable platforms supported by telecom operators, have made it possible for every Ghanaian to access financial services using only a mobile number. These innovations have significantly expanded financial inclusion, especially in rural areas, where internet and mobile phone penetration have grown steadily.
“Even feature phones can now access mobile money services. This was impossible years ago when traditional banks couldn’t reach certain segments of the population,” he stressed.
Mr. Awagah highlighted that the shift toward FinTech is not without challenges. Citing the most recent Bank of Ghana fraud report, he revealed that digital fraud has increased by approximately five to seven percent.
He called for intensified public education on cybersecurity and responsible digital finance practices, especially as more individuals manage their own banking details via mobile platforms.
“In the past, you had to queue at the bank or even pay for a printout of your transaction history. Now, your mobile phone gives you instant access to your financial records at no cost, with more convenience, speed, and transparency,” Mr. Awagah stressed.
The President of the Ghana Fintech and Payment Systems Association believes this transformation is fostering greater trust in digital finance and enabling Ghanaians to make informed financial decisions with ease.
He reaffirmed that while FinTechs are taking the lead in innovation, collaboration with traditional banks will remain essential in building a resilient and inclusive financial ecosystem.
