Ghana’s FinTech revolution has yet to fully reach rural communities, SMEs, and underserved populations, according to Kofi Adomakoh, GCB’s managing director. Many small businesses in rural areas still do not have access to the digital tools and financial services they require in order to grow, and underserved populations are still not able to take advantage of the opportunities brought about by Ghana’s FinTech revolution.
The GCB MD asserts that since the fintech revolution has great potential for the nation and its people, the gap must be closed with intentional policies and focused investments.
The fintech industry in Ghana is revolutionizing financial services accessibility, promoting economic expansion, and expanding financial inclusion, especially in underprivileged regions. Digital lending platforms offer much-needed credit to individuals and small businesses, while mobile money and agent banking networks have expanded banking services to the unbanked.
Innovation has been encouraged by regulatory changes, such as the Bank of Ghana’s Payment Systems and Services Act, 2019. Ghana’s fintech ecosystem, when combined with technology breakthroughs, is revolutionizing the financial landscape and promoting accessibility and convenience across the country.
In his speech, “Sustainable Development for a Resilient Ghana (People, Planet, Prosperity, Peace, Partnership),” Mr. Adomakoh described how GCB, the biggest bank in the country with the most branches nationwide, is assisting in addressing the issue of underserved and rural communities’ limited access to fintech services.
By providing SMEs with easily accessible digital platforms, expanding financial services to remote areas, and supporting financial inclusion programs that ensure no Ghanaian is left behind, GCB Bank is addressing these issues head-on.
“In countries like Kenya, the M-Pesa platform has become a lifeline for farmers and traders. Ghana can replicate this success by fostering an ecosystem where every citizen, regardless of geography, has access to financial tools that empower them,” the MD said.
“True prosperity means that Ama, the trader, can scale her business through digital platforms, Kojo, the farmer, can access fair markets, and Zaynab, the seamstress, can save for her children’s future all because the systems we create work for every Ghanaian,” he added.
Even though Ghana’s fintech revolution has a lot of potential, it will be difficult to guarantee that all Ghanaians, regardless of where they live or their financial situation, can take advantage of the opportunities brought about by these technological developments.
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Speaking further at the 76th Annual New Year School Conference, Mr. Adomakoh discussed the African Continental Free Trade Area (AfCFTA) and the necessity of positioning Ghana as a regional hub. He also urged the government to make investments in cross-border infrastructure, digitize trade processes, and strengthen partnerships with neighboring countries in order to harmonize trade regulations.
Furthermore, by establishing the required favorable economic climate and offering the required incentives to help local companies compete effectively under the AfCFTA, the government must give top priority to the expansion of Ghanaian SMEs and regional industries.
Professor Nana Aba Appiah Amfo, the vice chancellor of the University of Ghana, Mrs. Mary Chinery-Hesse, and Professor Naana Jane Opoku-Agyemang, the vice president of the Republic of Ghana, attended this year’s Annual New Year School and Conference.
