Mobile Money Limited launches Fintech Lab to empower young innovators across Ghana
Mobile Money Limited has launched a MoMo Fintech Lab to identify, develop and support fintech talent across Ghana, particularly young innovators outside Accra.
The initiative seeks to address the concentration of fintech startups and skills in Accra by creating opportunities for innovators in Kumasi, Tamale and other parts of the country to develop solutions to local challenges.
Speaking at the launch in Accra on Wednesday, August 12, Chief Executive Officer of MoMo Ltd, Shaibu Haruna, said the initiative was designed to make fintech skills and opportunities more accessible to young people across the country.
“A lot of our fintechs are all based in Accra, and we believe that there are a lot of skills sitting in the regions that need to be unearthed, and for us to build an inclusive digital economy, we need everybody and every talent to come on board,” he said.
The programme will be organised across three zones, namely Accra, Kumasi and Tamale.
Interested participants can apply by downloading the MoMo App, where they will find a banner directing them to a form to submit their ideas and other relevant information.
Applicants will also indicate the region from which they wish to participate.
Shortlisted participants will take part in regional boot camps where they will receive mentorship from experts and established fintech companies partnering the initiative.
The winners from the regional zones will proceed to a national demo day, where their solutions will be showcased.
According to the MoMo Ltd CEO, his outfit would also work with participants whose ideas are scalable and bankable to explore opportunities to develop their solutions on the MoMo platform.
Delivering the keynote address, Head of Fintech and Innovation at the Bank of Ghana, Owureku Asare, described the initiative as an important step towards developing the next generation of fintech leaders.
He said the Bank of Ghana is supporting the programme because the development of fintech talent and innovation was a national priority.
Mr Asare said Ghana had moved beyond merely expanding financial inclusion and must now focus on improving financial health through innovation and collaboration.
He noted that the Bank of Ghana’s regulatory sandbox and other initiatives had created opportunities for innovators to test and develop new financial solutions.
Also speaking at the event, the Minister for Communications, Digital Technology and Innovations, Samuel Nartey George, who was the special guest of honour, also urged stakeholders to support the initiative beyond its launch.
He said the success of the MoMo Fintech Lab would depend on the ability of universities, technology communities, startups, investors, banks and regulators to actively participate in the three-month programme.
“The next big African fintech company does not have to come from Silicon Valley, London, or Singapore. It can come from a university laboratory here in Accra, or a co-working space in Kumasi, or a bedroom in Tamale, from someone with nothing more than a laptop, an idea and determination,” he said.
The Minister urged universities to allow students to bring their research and final-year projects into the programme for testing against real-world challenges.
He also called on investors and financial institutions to provide patient capital to promising startups, arguing that technology companies require a different approach to financing because their growth models differ from traditional businesses.