Government commits to consumer protection as Ghana's fintech sector expands
Samuel Nartey George, Minister for Communications, Digital Technology and Innovation, reaffirmed the government's commitment to protecting consumers as Ghana's fintech sector expands, speaking at the launch of the MoMo Fintech Lab. He stressed that technological innovation must go hand in hand with strong safeguards for citizens, stating, "We cannot pursue innovation at the expense of trust. Financial technology touches something people cannot afford to lose. Their money. When money is involved, trust is not optional. It is the product."
Mr. George stated that the growth of financial technology must be supported by effective governance, consumer protection, cybersecurity, data privacy, and regulatory compliance. He noted that fintech has become an important component of Ghana's economic infrastructure, with mobile phones increasingly serving as banking platforms, payment terminals, business tools, and gateways to economic opportunities for millions of people. He also called for greater investment in local fintech talent and businesses, urging banks and financial institutions to adopt more flexible financing models for technology startups, which require patient capital to grow. He challenged regulators to develop rules that protect consumers without unnecessarily restricting technological advancement.
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Ghana's government is prioritizing consumer protection amid the rapid expansion of the fintech sector, emphasizing that technological innovation
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