Ghana Minister calls for local fintech innovation and consumer protection

Ghana’s Minister for Communications, Digital Technology and Innovations, Samuel Nartey George, has called for the development of locally designed financial technology solutions to drive the nation’s digital economy. Speaking at the launch of the MoMo Fintech Lab, the minister emphasized that Ghana should rely on domestic innovation from universities, hubs, and independent developers rather than imported platforms.

Mr. George stressed that as the fintech sector expands, the government will prioritize consumer protection, cybersecurity, and data privacy. He noted that because fintech involves personal finances, “trust is not optional; it is the product.” He urged regulators to create frameworks that protect users without stifling technological advancement, stating, “We need regulation that protects without suffocating.”

Additionally, the minister encouraged banks and financial institutions to provide more flexible financing and patient capital for technology startups. The goal is to position Ghana as a hub capable of producing fintech companies that can compete across the African continent.