Our fintech boom can’t run on hype alone

By Precious BAIDOO

Ghana’s fintech sector is having a moment. There’s no denying the scene is electric. As a country, we seem to be no longer experimenting with digital finance.

We are literally living it. With over 75 million mobile money (e-money) accounts. Which is more than twice the population (I will try and come back to these numbers in another writeup), the country has leapfrogged traditional finance and landed squarely in the digital age.

From mobile wallets to remittances and blockchain, the sector is scaling rapidly, broadening financial access and generating serious investor attention. But here’s the catch. While the front end dazzles, the back end is undercooked. Did I hear someone ask if it’s rare or medium rare? Well! Let’s take a cut to find out.

What Ghana’s fintech revolution lacks isn’t ambition, but architecture. And the missing pillar is governance.

This is not the stuff of spreadsheets and checklists. Governance, when done right, is strategy. It’s the invisible infrastructure that protects innovation from implosion. In the best-run firms, governance isn’t about slowing down risk-takers. It is about making sure they live long enough to see their super bets pay off. In Ghana, that infrastructure is still catching up to the momentum.

The warning signs are not dramatic yet, but they are mounting. Regulatory grey zones continue to leave even seasoned fintech operators guessing. Startups are navigating legal ambiguity with the optimism of first-time founders and the risk exposure of hedge funds.

Data breaches are no longer theoretical with Africa losing over US$3.5 billion to cyberattacks in 2024. It is only a matter of time before Ghana finds itself on the front page for the wrong reasons. That is not our prayer though.

And then there’s trust, the currency fintech can’t print. As users grow more aware of how their data is used (or misused), and as fees become harder to decode, consumer confidence is wobbling. The irony is rich in a sector built on the promise of transparency and inclusion, opacity is becoming a liability.

Meanwhile many fintech firms continue to scale like tech companies but govern like hobby projects. Board seats are filled by friends, governance functions are reactive and strategic oversight is often reduced to founder instinct.

This might be tolerable in the early days but in a sector now intertwined with national economic infrastructure, it’s dangerously naïve.

Globally the winners understand this. Stripe, Square, and others built governance into their growth models. They knew that regulators, investors and partners don’t just want speed they want control, accountability, and continuity. These firms didn’t lose their edge by taking governance seriously, they kept it sharp.

Ghana has an opportunity to learn before it’s forced to. The Bank of Ghana has made smart moves. Its regulatory sandbox, for instance, is a welcome nod to adaptive policy. But sandboxes are only as effective as the ecosystem around them. Governance isn’t the job of one regulator, it’s a team sport.

The Data Protection Commission, the Securities and Exchange Commission, the National Cybersecurity Authority and the National Communications Authority all have roles to play but right now, their collaboration feels more coincidental than coordinated.

There is room and reason for a bolder, more integrated approach. Ghana doesn’t need to replicate Singapore or London. It can define its own model, tailored to its strengths but benchmarked to global standards.

The good news? We already have examples to draw from. Firms like Zeepay, operating across more than 23 markets ( 5 of which are active and physical) , prove that local FinTechs can compete internationally when governance matches innovation.

To get there, we need to professionalize boards, diversify leadership and elevate risk management from back-office compliance to boardroom priority.

AI and blockchain can and should be part of this evolution, offering real-time monitoring and algorithmic transparency. Governance is no longer a manual process. It is data-rich, dynamic and when “well done”, a long-term competitive advantage.

For investors, the message is always simple, Fintechs with serious governance are safer bets. The odds are higher and surer gains. For regulators, the imperative is clarity, consistency and collaboration. And for fintech founders? Grow fast, by all means. But grow wisely. A case study example, take a look at the growth phase in the banking sector in Ghana and its failures.

Ghana’s digital finance sector is not in beta anymore. It’s a national asset. If we want this momentum to translate into sustainable global leadership, we must treat governance not as a cost but as capital.

Author’s Note: This analysis is grounded in my professional observations and research within Ghana’s dynamic digital finance ecosystem. While I have endeavored to provide thorough insights, I acknowledge the evolving nature of financial technologies, shifting regulatory landscapes, and emerging consumer behaviors that characterize this sector. I welcome constructive critique and encourage industry peers, stakeholders and readers to share their perspectives. By exchanging knowledge and challenging assumptions, we can foster a deeper understanding of digital finance and financial inclusion in emerging markets. Let us engage in meaningful dialogue as we collectively pursue innovation and evidence-based progress in this transformative field.

>>>the writer is a seasoned professional with nearly a decade of experience in Supply Chain Management. He holds a Master’s degree in Procurement and Supply Chain Management and is CIPS, GIPS and CMILT certified. He is also a certified Digital Finance Practitioner (CDFP) with a deep interest in digital payments, digital identity, and emerging technologies. Precious blends his expertise with a passion for innovation. A lifelong learner and student of life, He is committed to continuous growth and leveraging knowledge to drive transformative solutions.

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