Banks in Ghana have been urged to leverage financial technology (fintech) platforms to deliver instant loans and broaden access to credit across the country.
Chief Product and Services Officer at MobileMoney LTD (MML) Mrs. Sylvia Otuo-Acheampong, made the call during a panel discussion at the 2025 Fintech Stakeholder Forum held in Accra.
Held under the theme “Harnessing Ghana’s Fintech Potential: Regulatory Frameworks for Digital Credit and Digital Assets,” the forum brought together regulators, fintech firms, banks, policy experts, and academia to deliberate on how Ghana can strengthen digital payments and ensure responsible innovation in the growing fintech space.
The forum was organised by MML, a subsidiary of MTN Ghana.
Mr Otuo-Acheampong said financial institutions must move beyond traditional approaches and embrace the vast opportunities offered by Ghana’s growing fintech ecosystem.
“Traditionally, banks have looked within themselves. But to scale lending and reach the unbanked, they must begin to work more closely with fintech platforms that have the reach, data, and technology to deliver loans in real time,” she said.
Banks must tap into fintech reach
Mrs. Otuo-Acheampong noted that the MoMo platform continued to record strong customer growth, yet there remained a “significant untapped opportunity” within its base.
Out of nearly 18 million customers, only about four million currently access credit through MoMo’s digital lending platforms.
“That shows there’s still a large segment looking for opportunities,” she said, urging banks to integrate fintech solutions to reach underserved populations.
She further addressed public concerns over aggressive loan recovery practices, clarifying that such methods have no place in the operations of MoMo LTD.
“We are working with our partners to ensure responsible lending. The customer experience must be at the heart of everything we do,” she stressed.
Loan checker and new recovery features
Mrs. Otuo-Acheampong announced that MTN MoMo had introduced a loan checker feature across partner platforms to prevent customers from borrowing from multiple fintech providers at the same time — a measure designed to promote responsible borrowing and reduce default risks.
She added that the company was also exploring non-intrusive loan recovery methods to replace traditional SMS reminders, which many customers often ignore.
“We are developing customer value management platforms that send gentle reminders at key touchpoints, such as when a customer initiates a transaction or applies for a new loan,” she revealed.
According to her, these innovations would help improve repayment behaviour while building trust between consumers and lenders.
“We are very excited about these prospects and believe the future is bright for digital credit in Ghana,” she said.
Experts push for faster SME lending
Also speaking at the forum, Professor Peter Quartey, former Director of the Institute of Statistical, Social and Economic Research (ISSER) at the University of Ghana, underscored the transformative potential of fintech-driven lending for small and medium-sized enterprises (SMEs).
He explained that integrating lending solutions into existing business platforms—linking suppliers, distributors, and retailers—could drastically shorten loan processing times and enable SMEs to access working capital within hours instead of months.
“We’re moving away from the days when it took six months or more to get approval from traditional banks. With digital platforms, we can disburse loans in real time, creating a faster and more convenient experience for businesses,” he said.
Prof. Quartey added that such innovation would not only strengthen SME operations but also stimulate job creation and economic activity at the grassroots level.
“When businesses are empowered with finance, the economy grows. Embedded finance creates trust, efficiency, and empowerment—and ultimately drives national development,” he emphasised.
Call for policy reforms and consumer protection
While highlighting the progress made in Ghana’s fintech ecosystem, stakeholders at the forum called for stronger collaboration among regulators, financial institutions, and fintech firms to ensure a balance between innovation and consumer protection.
Prof. Quartey stressed the need for clear risk mitigation measures and a robust regulatory framework to prevent abuse and maintain trust in the digital finance space.
“If we provide the infrastructure and build trust, the system will function sustainably. Risk management must be built into the design,” he said.
The 2025 Fintech Stakeholder Forum marked another important milestone in Ghana’s ongoing efforts to build a world-class digital finance ecosystem that balances innovation with regulation.
Participants agreed that the next phase of Ghana’s fintech growth must focus on policy reforms, consumer education, and stronger partnerships between banks and fintech players.
Such efforts, they said, would accelerate financial inclusion, SME growth, and national development while maintaining the integrity of the financial system.
