Ghana’s Digital Economy Requires Continued Collaboration Among All Stakeholders- Panellists
A Digital Economy Forum has taken place in Accra.
The forum, held under the theme “The Trust Crisis: Why Fraud is Holding Back Ghana’s Digital Economy”, brought together regulators, banks, fintech companies and cybersecurity experts to examine how collaboration can strengthen trust in Ghana’s digital financial services sector.
Addressing participants, Mr Godwin Kwami Tamakloe, Chief Regulatory, Risk and Compliance Officer at MobileMoney Fintech LTD (MMFL), assured mobile money users of the safety of their wallet balances.
Mr Tamakloe explained that the physical cash backing electronic money is held in regulated trust accounts with partner banks and not by Dedicated Electronic Issuers or the Fintech companies themselves; that while customers transacted through mobile money platforms, the electronic value in their wallets was fully backed by funds deposited with partner banks under the supervision of the Bank of Ghana.
This framework, he said, protected customer funds independently of the platform used to access them, adding that if a mobile money platform experienced a service outage, customers would not lose the money in their wallets because the underlying funds remained securely held with partner banks.
Mr Tamakloe emphasised that banks and fintechs were partners within an interconnected financial ecosystem, supported by regulation designed to protect customer funds and preserve confidence in the financial system.
Mr John Awuah, Chief Executive Officer, Ghana Association of Banks, noted, in his contribution to the discussion, that commercial banks were increasingly delivering services through digital platforms supported by Payment Service Providers, making banks and fintechs part of one ecosystem that should work together to combat fraud.
On his part, Mr Stephen Cudjoe-Seshie, Deputy Director-General, Technical Operations, Cyber Security Authority, stressed the need for stronger cyber security awareness and closer collaboration among regulators, financial institutions and technology companies as cyber threats continued to evolve.
Mr John Awuah, Chief Executive Officer, Ghana Association of Banks, who also shared his thoughts at the Forum, said commercial banks were increasingly delivering services through digital platforms supported by Payment Service Providers, making banks and fintechs part of one ecosystem that should work together to combat fraud.
Another panellist, Professor Godfred Bokpin, economist, University of Ghana Business School, highlighted the importance of trust as a critical driver of digital financial inclusion, cautioning that persistent fraud could slow the country’s digital transformation if confidence was weakened.
Other panellists, including Ebenezer Boffour, Head, Internal Affairs, Hubtel, and Elhanan Owureku Asare, Head, FinTech and Innovation Department, Bank of Ghana, also underscored the need for stronger collaboration across the financial sector to combat fraud and protect consumers.
The panellists agreed that sustaining trust in Ghana’s digital economy would require continued collaboration among regulators, banks, fintech companies and customers, supported by sustained public education and robust regulatory oversight.
Source: G.D. Zaney, Esq.
