It’s been about 10 months since the NPP government assumed office. Within these past months, the government has introduced several initiatives that promote the use of tech in how government business is transacted across the country. The Ministry of Finance is now calling for fintech startups.
As expected, the Ministry is building a registry for an increasingly-growing number of fintech startups in the country. This seems apt as the number of payment companies seems to be at an all-time high.
Here’s how the communique put it, “The Ministry of Finance is requesting financial technology and services companies in Ghana to provide their corporate profile to become a part of the financial inclusion database. Please send the following as a foundation:-“
- Company Name
- Date Founded
- Number of Employees
- Number of staff (across functions, e.g. management, technical, admin, sales)
- Target clients (e.g. investment banks, retail, government agencies…)
- Functional area served (e.g. compliance, payments, document management, big data…)
- Description of the product
- Product technology profile (e.g. web delivered with info on browser constraints, if installed basics on development languages used)
- Website link Send these details by email to FinancialInclusion@mofep.gov.gh by the 14th November, 2017.
In related news, papers released by the Bank of Ghana earlier this week lays claim that mobile money transactions have more than doubled in size over the past year. From a record high of GHS51 billion in 2016, the figure now stands at GHS109 billion as at September, 2017. Actually, this doesn’t come as quite a surprise as another report released this year proves that a lot more mobile money and e-cash transactions are taking place, even though all of it forms less than 2% of the volumes of all transactions in Ghana.
Now that telcos are transacting most electronic payments in the country, does that make them fintech institutions?