MoMo@15: The role of trust and collaboration in driving financial inclusion in Ghana’s fintech space

In today’s rapidly evolving financial landscape, trustworthiness and collaboration stand as pillars for fostering innovation and driving growth in Ghana and other emerging markets on the African continent. As key industry leaders emphasized during the recent Mobile Money Limited’s Fintech Stakeholder Forum held at Labadi Beach Hotel, these principles are not merely abstract ideals but actionable strategies that can shape the future of financial services across the continent. 

The forum, which focused on the theme "Building trust and cooperation among stakeholders; How to maximize the impact of emerging technologies for the promotion of financial inclusion," provided a platform for insightful discussions on these critical issues.

Setting the tone for the discussion, the Chief Technical Officer at IT Consortium, Ebow Anamuah-Mensah noted the crucial role trust plays in the relationship between aggregators and their partners. He revealed that in an ecosystem where multiple services are integrated and offered to consumers through a single platform, the reputation of the aggregator becomes paramount, and that trustworthiness extends beyond the quality of the aggregator's own offerings to encompass the entire network of services provided by partners.

According to him, this responsibility requires careful curation of partnerships, ensuring that all associated services align with the aggregator’s values and quality standards. “By doing so, aggregators not only build their reputation but also foster a sense of security and confidence among consumers. This trust is essential for maintaining customer loyalty and for ensuring that the ecosystem continues to thrive,” he stated.

Taking the discussion to another level the Head of Digital Banking at Cal Bank, Martha Acquaye reiterated the power of cooperation among industry experts who share a common vision. Reflecting on the journey since 2010, she pointed to the remarkable growth in financial inclusion rates in Ghana, from 41% to 96%. This achievement, she attributed to the collective efforts of stakeholders, including banks, payment providers, and customers.

However, Ms. Acquaye cautioned that to deepen trust and further enhance financial inclusion, stakeholders must move beyond policies and agreements and focus on effective communication and collaboration. “The seamless functioning of systems and the timely resolution of customer issues are critical to maintaining trust, and trust can be easily broken if we fail to meet expectations,” she said.

Gillian Darko, Chief Staff and Director of Strategy at Yellow Card shifted the focus to the opportunities presented by Africa’s rapidly growing population. She explained that by 2050, one in four people on the planet will be African, highlighting the continent's potential as a hub for financial innovation. Citing key statistics that point to a vibrant future: Gillian revealed that by 2030, the mobile ecosystem will contribute $6.4 trillion to Africa's GDP, and there will be 900 million active internet users in Africa by 2025.

To capitalize on these opportunities, she emphasized the need to develop products that diversify the industry and meet the evolving needs of the African market. “With a young, tech-savvy population, the African market is ripe for products that cater to this demographic, ensuring that the continent’s financial ecosystem can keep pace with global trends,” she noted.

The Group Head of Commercial at Nsano, Priscilla Hazel also shared an insightful perspective on the importance of cultural sensitivity in financial services. She recounted the development of an SMS notification system that was met with resistance from women in certain communities. These women as indicated preferred not to receive notifications about their transactions due to concerns about privacy within their households.

This cultural nuance she said highlights the importance of understanding and respecting customer preferences when designing financial products. She also suggested that emerging technologies, such as open banking, offer a solution by allowing customers to control their data and choose how it is shared. “This approach not only enhances customer trust but also aligns with the growing emphasis on data privacy and customer-centricity in the financial industry,’’ she intimated.

Contribution to the discussion from the perspective of the regulator, the Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, focused on the role of culture and governance in building trust. He emphasized the need for institutions to understand the actual experiences of consumers and to design interventions that reflect natural behaviours.

He pointed to the importance of integrity and transparency in operations, noting that companies that prioritize these values tend to achieve greater success. Trust and confidence, Mr. Oppong argued, are not built overnight but require a commitment to governance and ethical practices. “By embedding these principles into their operations, financial institutions can create a resilient and trustworthy ecosystem that benefits all stakeholder,” he stressed.

By:  Nana Appiah Acquaye