Ghana has emerged as Africa’s preeminent mobile money hub with a regulatory framework that surpasses many continental peers, according to Selorm Brantie, Vice President of IMANI Africa. The policy analyst highlights Ghana’s comprehensive digital finance architecture as providing the continent with a model that rivals established financial systems in Europe and Asia.
Speaking at Ghana’s 2025 Fintech Stakeholder Forum, Brantie outlined how the Bank of Ghana operates as the central regulatory authority overseeing digital credit and payment services, supported by complementary institutions including the Securities and Exchange Commission, Data Protection Commission, Financial Intelligence Centre, and National Communications Authority. This multi-layered governance structure mirrors approaches employed by advanced economies like the European Union, Switzerland, and Singapore while remaining adapted to Ghana’s specific context.
The regulatory edifice rests on foundational legislation including the Non-Bank Financial Institutions Act, the Digital Credit Services Directive, draft Digital Assets Guidelines, and Virtual Asset Service Providers Regulation. Supporting laws address data protection, anti-money laundering compliance, cybersecurity requirements, electronic transactions, and consumer protection, forming what Brantie characterised as an integrated system unmatched across West Africa.
Ghana’s market dominance in mobile money appears unquestionable. The sector encompasses 77 million active accounts nationwide, generating annual transactions of GHS1.9 trillion with projections reaching GHS2.5 trillion by end 2025. Over 938,000 registered agents including merchants and service providers facilitate transactions across the country. MTN Ghana alone operates 17.2 million active subscribers with 13 percent year-on-year growth and GHS4.4 billion in annual revenue. Notably, recovery rates on digital lending products through mobile money platforms reach 90 percent, consistently outperforming traditional banking institutions.
Ghana currently hosts over 70 licensed fintech providers operating under clear compliance frameworks covering licensing requirements, minimum capital adequacy thresholds of GHS2 million in certain categories, know-your-customer protocols, anti-money laundering standards, data protection obligations, and consumer protection safeguards.
Yet the analyst acknowledged persistent gaps requiring urgent attention. Sandbox testing mechanisms crucial for fintech innovation have not been fully deployed, causing startups to experience 18 to 24 month delays bringing products to market. The Financial Intelligence Centre remains understaffed, affecting fraud monitoring and regulatory enforcement capacity. Additionally, clearer coordination between regulators is needed to fully integrate digital assets into the formal economy despite promising draft guidelines.
Brantie noted that Ghana hosts 3.4 million citizens actively trading cryptocurrency, representing approximately 17 percent of the adult population with annual market opportunity estimated at USD3 billion. Harmonising open banking frameworks with digital asset regulation could cement Ghana’s position as Africa’s regulatory and fintech leader, he suggested.
Comparatively, Ghana outpaces Nigeria in most regulatory dimensions and maintains parity with Kenya while pursuing standards established by the United Kingdom’s open banking and consumer protection frameworks. Implementing a national data harmonisation framework and deepening multi-agency coordination would enable Ghana to sustain its mobile money leadership and continental fintech prominence.
Brantie concluded that Ghana possesses the foundational building blocks for continued leadership but must harmonise institutions, strengthen regulatory capacity, and maintain innovation momentum. The country competes not merely in West African markets but sets pace for the entire continent, he emphasised.
