MoMo@15: Fintech ecosystem players urged to prioritize governance, integrity, and transparency to build a sustainable industry

The Director of Fintech and Innovation at the Bank of Ghana, Kwame Oppong, has called on players in Ghana’s fintech ecosystem to prioritize governance, integrity, and transparency to build a sustainable industry that benefits all stakeholders.

According to him, institutions with a strong focus on governance and long-term thinking tend to achieve greater success.

Speaking at the recently concluded MoMo Fintech Stakeholder Forum organized by MTN Mobile Money Limited and held at the Labadi Beach Hotel in Accra, Mr. Kwame Oppong stressed the importance of embedding integrity and transparency in operations to avoid short-term thinking and deceptive practices.

The forum, which brought together key figures in the financial technology sector, centered on the theme "Building Trust and Cooperation Among Stakeholders; How to Maximize the Impact of Emerging Technologies for the Promotion of Financial Inclusion."

Explaining the significant impact of culture on consumer behaviour, he stressed that a deep understanding of cultural nuances is essential for developing effective financial products and services. "Culture plays a significant role in shaping our actions, regardless of circumstances," Mr. Oppong remarked.

At the Bank of Ghana, he revealed that the approach goes beyond mere office setups; it involves engaging with mobile money agents, conducting transactions, and observing patterns to inform decision-making. This hands-on approach, he said allows the Bank to stay connected with the real experiences of consumers.

The Director of Fintech and Innovation then warned against the pitfalls of short-term thinking and trickery, advocating instead for a long-term mindset that prioritizes the broader interests of all stakeholders.

He also pointed out the importance of tracking fraud trends, using social media to stay updated on customer concerns, and designing interventions that align with natural customer behaviors.

“So, barring them, the Ghana card is one thing, but what other mechanisms can we take? What other measures can we take? Who else are they interacting with? How do we make sure law enforcement finds them and makes an example of some of these people, particularly those who initiate fraud, so that people know there's a price to pay for being involved?” he quizzed.

“Sometimes, there's this feeling of evasion being possible, but I think people are emboldened to continue to engage in it. We need to make an example of them, and we have to do that collaboratively,” he added.

Reflecting on the transformative impact of mobile money, Oppong noted that it has significantly improved lives, turning small street vendors into thriving business owners. He urged the fintech community to continue adding value to the ecosystem while ensuring that policies and frameworks are in place to support innovation and protect all stakeholders.

By:  Nana Appiah Acquaye