The Changing Landscape Of Fintech Consumer Apps In Ghana

Fintech is one of the biggest growing sectors in Ghana. This has led to an explosion of fintech consumer apps on the scene.

The growth of fintech consumer apps in Ghana can be attributed to several factors, such as:

• The high penetration of mobile phones and internet access in the country. According to the National Communications Authority, Ghana had over 41 million mobile subscribers and over 15 million internet users as of December 2020.
• The supportive regulatory environment and innovation ecosystem in the country. The Bank of Ghana has been promoting fintech innovation and regulation through initiatives such as the Payment Systems and Services Act 2019, the Regulatory Sandbox Pilot Program 2020, and the Fintech Innovation Office 2021. The Ghana Chamber of Technology has also been fostering collaboration and advocacy among fintech stakeholders in the country.

Changing Landscape of Consumer Apps

In the early days, most Ghanaian banks were not equipped with mobile apps for consumers to digitally interact with their services.

Fast forward and most of the twenty-three banks in Ghana including Standard Chartered, Stanbic, and Absa have their own mobile banks which allow consumers to perform services including making bank transfers and paying for utilities.

But most fintech companies have had the upper hand when it comes to acquiring customers for their digital products. Early players like expressPay and Slydepay were the ones on the scene offering services including the ability to make mobile money transactions and bank transfers through their applications.

There have been new fintech players who have been steadily improving with better services. New apps like Bezo Money, Ladder, and Kowri from DreamOval are offering consumers more diversification including options to save money, make peer-to-peer payments, and more.

The Achieve app and Bambo are also giving consumers other investment opportunities including the option to invest in bond and US stocks like Tesla, Apple, and Google.

Are Lending and Buy Now Pay Later Apps On The Rise?

Other new consumer apps have risen to the top by offering small businesses and consumers lending services. Some of these apps include Fido, MKOPA, and JUMO.

Companies like Letshego and even Flutterwave are also in the lending space with lending services.

Buy Now Pay Later is still a new concept but apps like Motito are trying to be one of the few to make it a trend.

Are Crypto Apps On The Downturn?

In the last couple of months, the crypto space hasn’t been faring too well. From Crypto shutdowns to more scrutiny by regulators, crypto apps are still

But apps like YellowCard are still going strong by partnering with Block for cross-border payments and launching its API.

But other crypto apps like Binance are facing increased scrutiny, and Visa and Mastercard have “paused” efforts when it comes to crypto.

Fintech consumer apps are reshaping the financial landscape in Ghana. With more innovation, regulation, and collaboration, they can offer more benefits and opportunities for the country’s development.

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