Fintech is the use of digital technologies to enable financial services and transactions, including mobile banking, online payments, and digital wallets. In Ghana, the Fintech industry presents a significant opportunity for the generally low-middle income economy, particularly with mobile money and telecommunications companies. According to the Bank of Ghana, the number of active mobile money accounts grew to 17.5 million in February 2021, compared to 14.7 million in the previous year (Fintech Times, 2022). Additionally, the Bank of Ghana reported that in 2021, there were 40.9 million registered mobile money accounts and 17.5 million activeaccounts.
The Fintech industry has made financial transactions more accessible and affordable, particularly for those who are unbanked. The unbanked population in Ghana is still estimated to be under 60%, indicating significant potential for growth in the industry. Ghana’s Fintech is visible to the public with respect to the popularity of mobile devices and mobile money specifically (Fintech Times, 2022).