Ghana’s Fintech Industry on the verge of an explosive growth – MTN

MTN Ghana’s MobileMoney Limited has co-created and contributed significantly to Ghana’s Fintech industry through direct and indirect employment of Ghanaians.

It has subsequently improved government revenue, facilitated micro enterprises and created digital entrepreneurs.

The South-west Manager for MTN Ghana, Prince Owusu Nyarko made this known at a MoMo awards ceremony in Takoradi for MoMo agents and merchants across Central and Western Regions of Ghana.

The award forms part of activities to climax the fifteenth year anniversary of MTN MobileMoney.

Awardees included; Supernatural Grace Ventures, Wyclef Ventures, DE JAB Electronics and Goil Anaji Fie S/S among others.

“Today, we crown our Fifteen-year anniversary milestone in the South-West Business District with this awards event to celebrate and recognize the contributions of various stakeholders within the MobileMoney ecosystem”, Mr Owusu Nyarko emphasized.

He disclosed that the Ghanaian fintech industry is on the verge of an explosive growth, given the robust infrastructure and policy framework being established by the regulator and other policy makers.

“It is a fact that despite all these great strides we have achieved over the years, we still have significant opportunity in penetrating key segments of the financial ecosystem. Whiles the penetration levels of our wallet services look great, services such as credit, digital payment, cross border payments, insurance, investment and e-commerce remain untapped”, Mr Owusu Nyarko maintained.

He appreciated stakeholders, including customers for believing and trusting the company over the years.

“Without their patronage, we would not have a business and have anything to celebrate today”.

Mr Owusu Nyarko further commended MTN Ghana for the vision and commitment in driving MobileMoney, and fostering its growth over the years, despite the challenges in the beginning.

“To our regulator (Bank of Ghana), we say thank you for entertaining the idea of MobileMoney fifteen years ago and the progressive policies and regulations that have shaped the industry and set us up for exponential growth in financial and digital inclusion. To our awesome partners; Banks and Non-Bank partners, the vibrant Fintech Community, Our Channel Partners, Agent and Merchants, our industry collaborators and policy makers, we appreciate the value you have created in this transformative service for businesses and the good people of Ghana”.

MobileMoney Service was officially launched by MTN Ghana on 21st July, 2009, a time where mobile penetration was still growing with limited penetration of smartphones.

It introduced a unique concept of multiple bank partners, kicking off with nine partner banks.

Since then, MTN MoMo has made a lot of progress and for the past fifteen years, it has contributed immensely towards the fintech industry in diverse ways.

The South-west Manager for MTN Ghana however expressed the company’s commitment to continue to push the boundaries of innovation, to adapt to the ever-evolving technological landscape, and to ensure that no one is left behind.

The Area Sales Manager for South-west, David Woasey thanked Ghanaians for their unwavering commitment to the MobileMoney industry.