By Francis

Copyright thebftonline

By Nafieu BAWA

The Bank of Ghana’s recent suspension of the remittance partnerships of some fintechs has sent ripples across the ecosystem.

For some, this was a shock. For others, it was inevitable. For all of us, it is a reminder that fintech is not simply about speed, scale, or profits, but about trust, integrity and responsibility.

Fintechs are here for the long term, but only if they play by the rules. The temptation to cut corners in pursuit of rapid growth or quick profits is real, yet the cost is enormous.

The Bank of Ghana acted because certain Payment Service Providers were found conducting unauthorised remittance activities on behalf of Money Transfer Operators through their settlement bank.

These breaches undermine confidence, not only in the institutions involved but in the entire ecosystem. Compliance is not a bureaucratic hurdle, it is the foundation of consumer trust and financial stability. A fintech that sidelines compliance is not building for the future, it is gambling with it.

Foreign ownership or leadership does not absolve local teams of ethical responsibility. Ghanaian staff and employees also have a duty. Sometimes superiors outside Ghana may instruct local teams to carry out actions that are contrary to Ghana’s laws or regulatory frameworks.

Employees must resist such orders and protect their professional and ethical values. Doing so is not only about self-respect, it protects the reputation and legal standing of the fintechs they work for.

Because of the diversity of regulatory regimes across Africa, what may be permitted in one country may be prohibited in another. Local staff must always act in accordance with Ghanaian laws, wherever there is a conflict or risk. Fintech’s promise was never about quick money. The original vision was to use technology to expand access, empower businesses, and create fairer opportunities for all.

Globally, the roots of fintech stretch back decades. The ATM, introduced in the 1960s, was designed to give customers 24-hour access to their money. The SWIFT network, launched in 1973, was about creating a trusted and secure way for banks to exchange international payments.

The rise of online banking in the 1990s was driven by the need for customer convenience. The mobile money revolution pioneered by M-Pesa in Kenya in 2007 showed how digital services could lift millions into the formal financial system.

In Ghana, fintech’s early growth was also tied to inclusion. The rollout of MTN Mobile Money in 2009 was a turning point, extending financial access to millions who had never held a bank account. This spirit of using technology to serve the underserved was the bedrock on which Ghana’s vibrant ecosystem of Payment Service Providers, fintech start-ups and digital banks has been built.

Returning to this ethos matters more than ever. Being compliant with regulations and laws, and resisting the urge to cut corners for short-term profit, leads to sustainable growth. By contrast, suspensions, fines and reputational damage set fintechs back and leave them disadvantaged in an increasingly competitive market. The pioneers of fintech, from ATMs to M-Pesa, succeeded not because they bent the rules, but because they solved real problems while building trust.

Despite recent setbacks, the value and opportunity for fintech in Ghana remain significant, and the data reveals a story of untapped potential. Mobile money transaction values reached GH¢334.8 billion in December 2024, up from GH¢199.3 billion a year earlier, with registered mobile money accounts surpassing 73 million and more than 22 million active users.

At the same time, the Ghana Statistical Service reports that 92.3 per cent of businesses in the country remain informal, even though more than 1.87 million establishments now exist. Digital payment platforms can lower barriers, encouraging small traders to register formally and join the financial system.

The gap between labour and output also highlights the opportunity. The informal sector employs 80 per cent of Ghana’s workforce yet contributes only 27 per cent of GDP, a mismatch that fintechs can help correct by boosting productivity through financial empowerment and transparency.

Ghana is already one of West Africa’s leading destinations for foreign direct investment, attracting billions in services, trade and technology. With digitised transactions and greater transparency, fintechs are well placed to unlock additional capital and create new investment flows.

Much of the opportunity lies in cash-heavy sectors. Hospitality, including hotels, restaurants, bars and tourism, remains largely dependent on cash, with only 37 per cent of Ghanaian businesses currently accepting digital payments.

Digitisation in this sector would reduce leakages, provide transparent records and enhance the appeal of an already growing service economy. The same applies to transport operators, agricultural traders, retail markets, and even private schools and clinics, which continue to rely heavily on cash.

Yet GhIPSS processed GH¢629.5 billion in digital transactions in 2023, and mobile money alone reached GH¢334.8 billion in December 2024. These figures are impressive, but they represent only part of Ghana’s economic activity.

A vast reservoir of cash remains untapped, waiting to be digitised. Digitising even a fraction of these cash transactions would generate billions in additional formal economic activity, expand tax revenue, empower small and medium-sized enterprises, and unlock new capital for growth. This is one of the biggest opportunities for fintech in Ghana today.

The way forward is clear. For fintechs, compliance must become part of the culture, not an afterthought. Hiring should prioritise both skills and ethics. For regulators, the challenge is to balance enforcement with innovation, punishing bad behaviour while enabling responsible growth. For Ghanaian staff, the duty is to uphold local laws and resist instructions that compromise their professional and ethical standards. For consumers and businesses, vigilance is essential. Demand transparency, ask questions, and choose fintech partners that respect the rules.

Having led operations and business development in digital payments for over a decade, I have seen both the promise and pitfalls of this sector. My conviction is clear: if we anchor fintech on integrity, innovation and impact, we will not only build resilient companies but also unlock Ghana’s economic potential. Fintech is here to stay. The question is whether we build it recklessly or responsibly. If we choose the latter, the promise of a cashlite, inclusive and data-driven economy will not remain a dream, it will be Ghana’s reality.

>>>the writer is a Fintech Executive and Technology-for-Good Advocate. He is the Founder and CEO of Ndel Technologies, a company developing innovative solutions across fintech and healthtech

Bank of Ghana press release on suspension of Flutterwave, Cellulant and Halges remittance partnerships (Sept 2025).
Citi Newsroom – “Mobile money adoption surges as transaction value reaches GH¢335bn” (Jan 2025).
Ghana News Agency – “Ghana’s digital payments surge amid growing mobile money adoption” (Jan 2025).
Ghana Statistical Service – 2024 Integrated Business Establishment Survey (92.3 per cent businesses informal, 1.87m establishments).
MyJoyOnline – “Informal sector makes up 80% of Ghana’s workforce, contributes only 27.4% to GDP” (Feb 2025).
UNCTAD / Ghana Investment Promotion Centre – FDI inflows and sectoral trends in Ghana (2024–2025).
Citi Newsroom – “Only 37% of Ghanaian businesses use digital payments” (Apr 2025).
News Ghana – “GhIPSS in 2023 recorded GH¢629.5 billion transactions” (Sept 2024).