The Ghana FinTech and Payments Association (GFPA) has hailed H.E. John Dramani Mahama’s election victory as a pivotal moment for the country’s digital financial ecosystem.
The group is optimistic about transformative policies to boost fintech growth and financial inclusion.
Driving the news
- GFPA praised Mahama’s promise to abolish the controversial e-levy within 120 days of taking office, describing it as a “turning point” for Ghana’s fintech sector.
- The association highlighted Mahama’s proposed $50 million FinTech Growth Fund as a game-changer to address the longstanding funding gap for startups.
State of play
- E-Levy abolition: Introduced in 2022, the e-levy has been widely criticized for stifling innovation and deterring digital transactions. GFPA President Martin Awagah called its removal “essential to restoring consumer confidence and sector growth.”
- “The e-levy has had far-reaching implications for the digital financial ecosystem. Initially advertised as a 1% tax, its actual implementation often exceeded this rate, deterring transactions and burdening businesses. Its removal will bring relief to millions and reignite momentum in the fintech sector.” he added.
- Funding boost: The planned growth fund is expected to empower local innovators, drive financial inclusion, and enable Ghanaian fintechs to compete globally.
- “This fund could empower local companies to build homegrown solutions and foster financial inclusion,” GFPA President Martin Awagah added, referring to the proposed FinTech Growth Fund.
Zoom out
The GFPA reaffirmed its commitment to working with the Mahama administration to promote a resilient digital economy. The association urged the government to focus on enabling policies, fair taxation, and equitable funding access to sustain fintech’s growth momentum.
What’s next
As Mahama prepares to take office in January 2025, fintech leaders are eager to see the new administration’s plans put into action. The GFPA envisions a future where Ghana becomes a benchmark for fintech innovation in Africa.
