Dr. Asiama’s Appointment as Governor; Ghana is Ready to Build Fintech Unicorns – Moses Kanduri, CEO, Aceline BCNJ Group
Though the Bank of Ghana (BoG) has taken good steps to develop the Fintech and innovation sector, I believe they can play a crucial role in further developing the sector by implementing policies and initiatives that foster growth, stability, and inclusivity. As a pioneer in the industry, I am of the believe the BoG can take the following action – some of which are already being done but can be enhanced or simplified:
1. Strengthening Regulatory Framework
Develop clear, simplified, flexible, and forward-thinking regulations that encourage innovation while managing risks.
Implement a regulatory sandbox to allow fintech startups to test new products in a controlled environment before full market deployment.
Streamline licensing processes for fintech firms to reduce bureaucratic delays.
2. Encouraging more Digital Financial Services (DFS) Adoption
Support the development of digital identity verification systems to improve KYC processes and financial inclusion.
Promote open banking policies to encourage collaboration between banks and fintech companies.
3. Improving Access to Funding
*Partner with development finance institutions and venture capital firms to create funding programs for fintech startups. The goal will be to build tech and fintech unicorns from Ghana to give them the edge to compete with the rest of the world*.
Provide incentives such as tax breaks for fintech firms focused on financial inclusion and digital innovation.
Speed up the fintech innovation fund which is a promise of H.E John Dramani Mahama to support high-potential startups in payments, lending, and blockchain applications.
4. Strengthening Cybersecurity and Consumer Protection
Develop robust cybersecurity guidelines to protect users and institutions from fraud and data breaches.
Enhance consumer protection frameworks to build trust in digital financial services.
Promote financial literacy campaigns to educate the public on safe fintech usage.
5. Driving Public-Private Collaboration
Work closely with fintech associations, startups, and universities to foster innovation.
Organize fintech and innovation forums where stakeholders can share ideas and network.
Facilitate partnerships between banks and fintech firms to create hybrid financial products.
6. Leveraging Emerging Technologies
Explore the use of Central Bank Digital Currency (CBDC) to enhance digital transactions.
Support research on blockchain, AI, and big data for financial services.
Encourage digital payment adoption in public sector transactions.
If the BoG takes these steps, it can position Ghana as a leader in fintech innovation in Africa.
Dr. Johnson Asiama’s recent appointment as the Governor of the Bank of Ghana (BoG), his extensive experience and previous initiatives particularly in the fintech sector suggest John Mahama’s strong commitment to fostering innovation in digital finance.
During his previous term as Second Deputy Governor, Dr. Asiama was instrumental in promoting digital payment innovations. He advocated for the establishment of a regulatory sandbox to allow innovators to test their ideas in a controlled environment under the supervision of the BoG.
Given his track record, it is anticipated that Dr. Asiama will continue to champion fintech development in Ghana. His deep understanding of the financial ecosystem positions him to implement policies that balance innovation with regulation, fostering a conducive environment for fintech growth. I am optimistic about his appointment and I believe that his leadership will further strengthen Ghana’s position as a hub for financial innovation.
Moses Kanduri
Chairman & CEO – Aceline BCNJ Group.
Fintech Expert & Investor
