Dignitaries at the Mastercard Ghana Fintech Forum
Stakeholders at the second annual Mastercard Ghana Fintech Forum held in Accra recently have advocated the importance of cybersecurity and the growing adoption of contactless payments.
Building on the success of last year’s inaugural event, this year’s gathering highlighted the progress and innovation within Ghana’s fintech sector revealing that Fintech platforms in the country were revolutionising financial services, reaching both under banked and affluent individuals seeking sophisticated financial products and services.
Recent data from the Bank of Ghana indicates a 33.4% increase in fintech transactions in the first quarter of 2024, reaching GH¢576.03 billion.
Despite this growth, fintech companies face challenges such as regulatory hurdles, limited access to capital, and intense competition, affecting their growth and profitability and these were what the Mastercard Ghana Fintech Forum aimed to address.
Country Director for Ghana, at Mastercard Bossman Kwapong, said “At Mastercard, we believe in the power of collaboration to overcome unique market challenges, drive innovation, and foster growth in the financial sector. The Mastercard Ghana Fintech Forum has emerged as a vital platform for these discussions, promoting fintech growth and driving financial and digital inclusion.”
Country Manager and Area Business Head for West Africa at Mastercard, Folasade Femi-Lawal, also said, “The Mastercard Ghana Fintech Forum has proved vital in bringing together key stakeholders from various sectors of the fintech ecosystem for productive conversations that will drive innovation and financial inclusion in Ghana. At Mastercard, our commitment to playing a pivotal role in the country’s dynamic fintech ecosystem remains steadfast, as we continue to provide access to our expertise, network, and cutting-edge technologies to accelerate growth and meet evolving customer demands.”
During a panel session on “Contactless Payments – The New Paradigm,” Akintunde Ajayi, Director, Business Development, Fintech & Enablers, EEMEA, Mastercard, said, “Contactless payments are revolutionizing the financial services industry by enhancing convenience, security, and accessibility. Mastercard is committed to advancing these solutions, supporting fintechs in delivering seamless, efficient, and secure payment experiences and driving financial inclusion across the region. Today’s discussion highlighted the transformative potential of these technologies, and I am excited about the future we are building together.”
With only about 43 percent of sub-Saharan Africa’s population holding a traditional bank account and over 90 percent payments and transactions being conducted in cash, Mastercard’s initiatives around contactless payments are part of a broader strategy to drive financial inclusion and innovation in Africa.
Through collaborations and technological advancements, Mastercard is empowering fintechs to provide secure and accessible payment solutions, enabling financial inclusion for underserved and unbanked communities across the continent.
Director-General of the Cyber Security Authority (CSA), Dr. Albert Antwi-Boasiako, highlighted the importance of robust cybersecurity measures amid Ghana’s rapid digital growth.
“As we embrace digital transformation, prioritising progressive policies and collaborations that enhance cybersecurity is essential for sustainable economic development. Today’s event was a testament to the collaborative spirit needed to address cybersecurity challenges and to safeguard our digital future,” he said.
The event also spotlighted Mastercard Start Path programme, showcasing its role in nurturing and accelerating fintech startups locally and globally.
Fintech Business Development Lead, West Africa Tolupe A. Adeyinka, at Mastercard, noted that,“Mastercard Ghana Fintech Forum has become a cornerstone event for the fintech community in Ghana. It was inspiring to see the vibrant exchange of ideas and the collective commitment to pushing the boundaries of what’s possible in fintech.”
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