BY Issah Olegor
The Chief Executive Officer of Mobile Money Limited, Shaibu Haruna, is advocating for balanced regulatory frameworks that foster innovation in the fintech sector.
Speaking at the 2025 Fintech Stakeholder Forum in Accra, Haruna warned that excessive restrictions could slow the digital transformation.
He emphasized the importance of smart regulations that encourage responsible innovation and allow fintechs to scale securely.
He noted that Mobile Money Limited, a subsidiary of MTN Ghana, has witnessed firsthand how responsive regulation can unlock inclusion, particularly among the unbanked population.
The success of mobile money interoperability, instant payments, and digital savings platforms demonstrate what becomes possible when industry players and regulators work in sync.
Harmonizing Financial And Data Regulations
The Mobile Money chief urged the Bank of Ghana to continue engaging ecosystem players in designing new frameworks for open banking APIs, digital asset policies, and consumer data protection guidelines.
He also highlighted the importance of harmonizing financial and data regulations to enhance interoperability and security across the ecosystem.
A unified regulatory framework would help fintechs focus their energies on innovation rather than wrestling with complex approval processes.
Building Trust In Digital Financial Services
Haruna noted that many Ghanaians remain hesitant to engage fully with digital financial services due to fears of fraud, data breaches, and misuse of personal information. Building confidence requires not just regulation, but visible enforcement that protects consumers without crushing innovation.
Fintech Sector Growth
Mobile money transactions in Ghana reached GH¢1.912 trillion in 2023, representing a staggering 78.7% increase from GH¢1.07 trillion in 2022.
With over 20 million active users and a network spreading across the country, mobile money has fundamentally redefined financial access for ordinary Ghanaians.
The digital finance ecosystem has generated opportunities spanning from merchants and agents to app developers.
