BY ISSAH OLEGOR
The next phase of digital finance transformation must focus not only on bringing more people into the formal financial system but also on improving their long-term financial health and well-being, Chief Executive Officer of MobileMoney Fintech LTD (MMFL), Shaibu Haruna, has said.
Haruna argued that as digital financial services become increasingly embedded in the daily lives of Ghanaians, the industry must shift its attention from basic access to providing practical tools that enable customers to save, borrow, invest and plan for the future more securely.
He made the remarks during a panel discussion on “Mobile Money, Agency Banking and Digital Payments” at the inaugural Ecobank–Joy Business Financial Dialogue Series, held under the theme “Driving Financial Inclusion Through Digital Transformation.”
The forum brought together regulators, financial institutions, fintech companies and other industry stakeholders to examine the role of technology in expanding financial access, strengthening economic participation and accelerating digital transformation.
According to Haruna, the evolution of mobile money has taken the sector beyond its original objective of simply connecting people to financial services.
“MobileMoney has gone beyond simply bringing people into the financial ecosystem. The focus has shifted from financial inclusion to financial health and financial well-being. We are building solutions that address customers’ real needs,” he said.
Haruna pointed to recent partnerships between MMFL and IC Wealth, Misika, Coronation and Flexi Pension as examples of efforts to broaden the range of financial products available to customers.
He said such partnerships provide customers with access to tools covering areas including investment, credit and pension solutions, allowing mobile financial services to play a broader role in people’s financial lives.
He, however, stressed that the expansion of digital financial services must be accompanied by sustained engagement with customers and a deeper understanding of their challenges.
“The key lesson is simple: involve the entire ecosystem, engage customers continuously, understand their pain points and build solutions that solve those problems,” he said.
He added that building and maintaining trust in digital financial services would remain critical as more financial activities move onto digital platforms.
Akosua Blay, Chief Business Officer of the Ghana Interbank Payment and Settlement Systems (GhIPSS), said interoperability had been instrumental in the development of Ghana’s digital payments sector.
She noted that shared infrastructure has enabled banks, fintech companies, Payment Service Providers and mobile money operators to connect more efficiently, creating a more integrated digital payments environment.
