In her keynote address, Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, highlighted the growing importance of digital finance in Ghana. She noted that mobile money transactions have continued to grow, with digital credit users exceeding 2 million, and crypto adoption on the rise. "Digital finance is not an end in itself, but a bridge between opportunity and access, between innovation and inclusion," she said.

Speakers' Insights

Shaibu Haruna, CEO of MML, emphasized the importance of collaboration and innovation in driving the fintech industry forward. "We are at a very pivotal point in our journey towards enhancing financial inclusion in Ghana," he said. He also highlighted the need for a collective approach to addressing issues like loan defaults, stating that "it's a collective responsibility... we will do our part by making sure that we use the tools within our control, which is technology, to be able to better score our customers and know the repayment behavior of our customers."

Tara Squire, Executive Director of Consumer Banking at Ecobank Ghana, highlighted the need for education and awareness programs to promote financial literacy and protect consumers. "We need to come together and share information, innovate, and drive technology to reduce the incidence of fraud," she said.

Research Findings

The forum discussed the findings of research conducted by IMANI Africa and the Institute of Statistical, Social, and Economic Research (ISSER) on digital credit and asset guidelines. Selorm Branttie, Vice President of IMANI Africa, summarized the research findings, highlighting the need for clarity in sandbox testing and the importance of the Data Protection Commission's involvement in regulating digital finance.

Prof. Ernest Aryeetey, Director of ISSER, presented research findings on market readiness, assessing the understanding of digital financial services, and deepening financial inclusion. He recommended that the industry focus on financial literacy and consumer protection.

Five key experts dSelorm Branttie, Vice President, IMANI Africa, Prof. Henry Quartey, Director, ISSER, Sylvia Otuo-Acheampong, Chief Products and Services Officer, MML, Clara Arthur, CEO, GHIPPS,  and Ethel Cofie, CEO, EDEL Technology Consulting deliberated on Regulatory Framework for Digital Credit and Assets.

During the panel discussion, Sylvia Otuo-Acheampong, Chief Products and Services Officer at MML highlighted the vast opportunity in the market, stating that "we have almost 80 million customers, which means there are a lot of customers that probably are looking for opportunity." She also emphasized the need for financial institutions to look at credits on FinTech and for FinTech partners to co-create and co-innovate. Additionally, she mentioned that MML had introduced a loan checker to prevent customers from borrowing from multiple partners.

She highlighted the need for innovative solutions, such as blockchain technology, to address issues like fraud and trust in the fintech space. The panelists also emphasized the importance of collaboration and partnership among industry players, policymakers, and regulators to promote financial inclusion and economic growth.

Recommendations

The forum made several recommendations, including:

- Education and awareness programs to promote financial literacy and protect consumers

- Innovative solutions, such as blockchain technology, to address issues like fraud and trust

- Collaboration and partnership among industry players, policymakers, and regulators to promote financial inclusion and economic growth

- Robust regulatory framework to ensure the growth and development of Ghana's fintech industry