The latest Bank of Ghana report on the Fintech sector has revealed significant growth in both transaction volumes and subscriptions, a development that has been welcomed by Mobile Money Service providers.
According to the report, the total value of mobile money transactions for the first quarter of this year hit 1.2 trillion cedis, representing a 37% increase from the 901 billion recorded in the same period last year.
“The feat represents huge successes in Ghana’s advancement of financial inclusion, especially among the informal sector of the economy,” stated Mr. Nii Adotey Mingle, General Manager for MTN Northern Business District. “The rate of growth since MTN set the pace some 15 years ago demonstrates how digital financial services have created financial inclusion for a majority of the population who were either under-banked or unbanked.”
As the industry marks 15 years of financial inclusion, pioneers like MTN are looking forward to a favorable regulatory environment that fosters innovation and creativity in the Fintech space.
Ivan Heathcote Fumador of Ultimate FM reports that the exponential growth of MTN Mobile Money Services, which now stands at over 15 million active subscribers, has largely been driven by the goal of the Fintech industry to lower the barriers that frontally shut out the informal sector, which employs more than 70% of the country’s economically active workforce.
The growth of the Fintech sector is a testament to the success of digital financial services in promoting financial inclusion and reducing barriers to financial access. As the sector continues to evolve, it is expected that more innovative solutions will emerge to address the financial needs of the informal sector and other underserved populations.
Source: Ghana/Starrfm.com.gh/103.5FM/Candy Nana Esi Arthur