• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, August 5, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Fintech: A Drive To Propel Economic Recovery- Experts

February 22, 2023
Stephen M.Cby Stephen M.C
in Vaultz Business
0
Fintech: A Drive To Propel Economic Recovery- Expert

Mr. Martin Kwame Awagah, The President of the Ghana Fintech and Payments Association

Mr. Martin Kwame Awagah, the President of the Ghana Fintech and Payments Association, has advised that the country can deepen financial inclusion and propel economic development amid the current economic hurdles by strategically positioning financial technology firms (fintechs) to leverage the latest technological advancements.

Fintech simply describes the use of technology to deliver financial services and products to consumers.

Mr. Awagah, who has always been an influencer and a catalyst for social inclusion in the development process of financial inclusion averred that the fintech industry has potential to lead the country’s recovery efforts.

RelatedPosts

Shaibu Haruna Crowned ‘CEO of the Year – Fintech’ at 4th Ghana CEO Awards

MTN Ghana’s Profit After Tax Surges by 55% in H1 2025

BoG Data Shocker: 54% of Mobile Money Agents Now Inactive Despite Sector Boom

“This can be done by leveraging digital technology to develop new products and services that meet the needs of consumers who are facing financial challenges in the country. Thus, a customer-centric but yet affordable digital product.”

Mr. Martin Kwame Awagah

Government in collaboration with the World Bank under the National Financial Inclusion and Development Strategy in 2020 issued new policies aimed at increasing financial inclusion from 58 percent to 85 percent by 2023; thus creating economic opportunities and reducing poverty.

Mr. Awagah urged fintechs to collaborate with other players in the ecosystem; such as banks and regulators to create a more robust and inclusive financial system, as well as offer digital payment solutions that can help limit the cost of transactions and increase access to financial services for underserved populations.

Not limited to that, he further encouraged fintechs to prioritize customer education and engagement so as to build trust and loyalty, stating that “By providing educational resources and support to customers, Fintechs can help them navigate the financial challenges they may be facing and build stronger relationships with their customer base.”

Emphasizing on the need for strategic partnership between fintechs and other players in the financial sector, Ing. Dr. Kenneth Ashigbey, the Chief Executive Officer of the Ghana Chamber of Telecommunications, divulged that the challenges being faced by the country at the moment requires a lot of collaboration to really transform the nation.

dr. ing. kenneth ashigbey
Ing. Dr. Kenneth Ashigbey

“Fintech must be well-positioned to be able to support the country’s recovery effort. The need for fintechs is really a major one to support development of the informal sector and growth of the economy.”

Ing. Dr. Kenneth Ashigbey

A Call For Moderate Regulations In The Financial Sector

Meanwhile, according to industry players, progress in promoting financial inclusion and digitization could be undermined by excessive regulation of the financial technology space.

According to players in the financial sector, while reasonable regulation is key to healthy competition, growth and development, too much of it can be counterproductive, hence, stifling innovation and serving as a barrier for new entrants.

Lamenting on extreme regulations imposed on financial sectors, the Country Manager of DPO Pay, Mr. Frank Anwelle noted that if not checked, could hinder the burgeoning fintech space.

the Country Manager of DPO Pay Mr. Frank Awelle
The Country Manager of DPO Pay, Mr. Frank Anwelle

“Our challenges really have to do with regulations, and that’s why we need the Ghana Fintech Association to come in and see how they can sanitize the space for us. Regulators should soften requirements for fintechs to allow for greater innovations and competition.”

Mr. Frank Anwelle

Read also: Exploiting Fintech To Promote Financial Inclusion Is A Vital Opportunity For Growth – Dr. Helal

 

Tags: DPO Payeconomic recoveryfinancial technology firms (fintechs)Ghana Fintech and Payments Association
Please login to join discussion
Previous Post

NDC Flagbearership: Prof Joshua Alabi Picks Nomination Forms For Mahama

Next Post

BoG Zero-Financing Of Government Will Have A Positive Impact On Reducing Inflation- Prof. Assibey

[mc4wp_form id="1264"]

Related Posts

Komenda Sugar Factory
Agribusiness

Government Moves to Revive Dormant Komenda Sugar Factory

August 5, 2025
Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

August 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

August 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

August 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

August 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

August 4, 2025
Komenda Sugar Factory
Agribusiness

Government Moves to Revive Dormant Komenda Sugar Factory

by Evans Junior OwuAugust 5, 2025
Bernard Bediako Baidoo
General News

Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election

by Evans Junior OwuAugust 4, 2025
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
UK

Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears

by Lawrence AnkutseAugust 4, 2025
A Painful Reminder Of Unresolved Hostage Situation
Opinions

If It’s Good Enough To Share Abroad, It Must Start at Home

by Comfort AmpomaaAugust 4, 2025
UK Ties Palestine Recognition To Ceasefire Conditions
UK

UK Ties Palestine Recognition To Ceasefire Conditions

by Lawrence AnkutseAugust 4, 2025
Olamide Reveals Music Executive Easier Path
Entertainment

Olamide Reveals Music Executive Easier Path

by Esther Korantemaa OffeiAugust 4, 2025
Komenda Sugar Factory
Bernard Bediako Baidoo
Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
A Painful Reminder Of Unresolved Hostage Situation
UK Ties Palestine Recognition To Ceasefire Conditions
Olamide Reveals Music Executive Easier Path
[/vc_row_inner]

Recent News

  • Government Moves to Revive Dormant Komenda Sugar Factory
  • Bediako Baidoo Wins NDC Akwatia Primary Ahead of By-Election
  • Farage Slammed For Spreading ‘Unevidenced’ Migrant Fears
  • If It’s Good Enough To Share Abroad, It Must Start at Home
  • UK Ties Palestine Recognition To Ceasefire Conditions
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.