Selorm Branttie
Policy and innovation lead at IMANI Africa, Selorm Branttie, has urged Ghana’s financial regulators to adopt a multi-agency coordination model to strengthen oversight of the country’s fast-growing digital finance ecosystem.
Speaking at the MTN Fintech Stakeholder Forum held in Accra on Wednesday, October 15, 2025, under the theme “Harnessing Ghana’s Fintech Potential: Regulatory Frameworks for Digital Credit and Digital Assets,” Branttie described Ghana’s fintech industry as “one of the most dynamic in Africa” but warned that regulatory gaps could slow innovation and expose consumers to risk.
He said while the Bank of Ghana (BoG) remains the primary regulator of digital finance, the Securities and Exchange Commission (SEC), Data Protection Commission (DPC), National Communications Authority (NCA), and Financial Intelligence Centre (FIC) all play critical roles in ensuring financial integrity and consumer protection.
“We are talking about a bridge between finance and technology,” Brantie explained. “That’s why these agencies must act as a network — a second layer of regulatory structure — to safeguard innovation, protect data, and build trust in the system.”
Branttie outlined Ghana’s existing legal and policy frameworks — including the Non-Bank Financial Institutions Act (Act 774), Payment Systems and Services Act, Anti-Money Laundering Act, Data Protection Act, and the upcoming Digital Credit Directive — describing them as “strong foundations” that must now evolve with the pace of innovation.
He welcomed the Bank of Ghana’s upcoming digital credit licensing framework set to take effect on November 1, 2025, and noted the importance of the Virtual Asset Service Providers (VASP) regulations in managing the growing crypto market.
“We estimate that 3.4 million Ghanaians — about 17 percent of adults — are already trading or transacting in cryptocurrency,” Branttie revealed. “This represents an annual market opportunity of over US$3 billion that remains unregulated. We cannot ignore that reality.”
Branttie observed that Ghana’s fintech ecosystem currently comprises about 70 licensed service providers, ranging from digital credit operators and payment service providers to virtual asset platforms and mobile money operators, together contributing significantly to financial inclusion.
He highlighted data showing 77 million registered mobile money accounts and annual transactions exceeding GHC 1.9 trillion in 2023, projected to reach GHC 2.5 trillion by 2025, as clear evidence of Ghana’s fintech strength.
However, he cautioned that gaps in sandbox testing, limited staffing at key oversight institutions like the FIC, and regulatory contradictions—such as the legality of crypto use without recognition as legal tender—could undermine confidence in the system.
“The Financial Intelligence Centre must be strengthened to handle financial crime reports effectively. Trust is the backbone of digital finance,” he said.
Citing lessons from Switzerland, Singapore, the European Union, and Kenya, BrantTie recommended that Ghana develop an open banking framework under the National Data Harmonization initiative, and create a public registry of licensed fintech operators to enhance transparency.
“Ghana is already leading West Africa in digital finance,” he asserted. “If we harmonize our open banking and data frameworks, we can become the gold standard for fintech regulation in Africa.”
The forum, organized by MTN MobileMoney Limited (MoMo) in collaboration with IMANI Africa and the the Institute of Statistical Social and Economic Research (ISSER), brought together regulators, fintech founders, banks, and policymakers to discuss how to balance innovation, regulation, and consumer protection in Ghana’s evolving digital finance landscape.
