General Manager of MTN Mobile Finance Limited, Eli Hini has revealed that investment in the FinTech (financial technology) sector is expected to grow to $301 billion by 2020.
Speaking at a Mobile Money Stakeholders Workshop on Tuesday, Eli Hini stressed on the crucial role of the Fintech ecosystem to Ghana’s drive to achieving financial inclusion.
FinTech is the application of technology and digitization in financial service delivery.
According to Eli Hini, FinTech represents the future of financial service delivery in Ghana, adding that 71 FinTechs are currently operating in Ghana.
Despite great strides in the FinTech industry, stakeholders continue to face challenges that hinder growth.
Acknowledging the challenges facing that sector, Eli Hini reiterated the critical need for a robust regulatory framework to streamline the operations of the players in the FinTech industry.
He bemoaned the lack of funds to support FinTech startups in the country.
According to him, the FinTech industry has the capacity to create job opportunities for the teeming youth, adding however that issues of data privacy and consumer protection remain a challenge in the FinTech ecosystem.
Eli Hini also called for greater collaboration within the FinTech ecosystem, saying that MTN Ghana is committed to supporting the growth of the FinTech sector through strategic partnerships.
This according to Eli Hini, will help Ghanaian FinTech players expand into new markets.
He also disclosed MTN Ghana’s plan to partner tertiary institutions across the country to roll ut Fintech based courses for students.