Ghana has talent to build globally competitive FinTechs – Sam George

The Minister for Communications, Digital Technology and Innovations, Samuel Nartey George, has challenged Ghanaian innovators to develop homegrown fintech solutions capable of competing across Africa and the global digital economy.

He said Ghana had the talent and ideas needed to build globally competitive technology companies and should not depend on foreign countries to develop solutions to its digital challenges.

Sam George made the remarks at the launch of the MoMo FinTech Lab in Accra on Wednesday, August 12.

He said the initiative, which brings together academia, startups, investors, regulators and financial institutions, presents an opportunity to build the next generation of Ghanaian fintech businesses.

“The next African 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 and research institutions to open their laboratories and talent to the programme and allow students to test their research and final-year projects against real-world challenges.

He also called on technology players to mentor young developers, while urging investors to provide patient capital to promising technology startups.

According to him, Ghana’s challenge is not a lack of ideas or talent but the limited bridges connecting innovative ideas to capital and opportunities for scale.

He further urged banks and financial institutions to adjust their financing models to meet the needs of technology startups, which often require patient capital before becoming commercially viable.

The Minister, however, cautioned that Ghana’s push for digital innovation must not come at the expense of public trust and safety.

He said fintech companies deal directly with people’s money, making cybersecurity, data privacy, consumer protection and regulatory compliance critical to the development of the sector.