Isaac Abotebuno Akolgo

Fintechs, notably mobile money, have transformed banking and finance in developing and emerging economies in Africa and beyond. Financial technology (better known as fintech) is used to describe new technology that seeks to improve and automate the delivery and use of financial services.

Mobile money in Africa was spearheaded by Kenya’s M-Pesa in 2007. Ghana’s MTN MoMo followed in 2009. Mobile money is a pay-as-you-go digital medium of exchange and store of value using mobile money accounts and a mobile phone.

In Ghana, the volume of mobile money transactions increased from 2.85billion in 2020 to 4.26 billion in 2021, representing a 48.6 percent growth. Similarly, the total value of transactions increased to GH¢ 978.32 billion ($87 billion) in 2021, from GH¢ 571.80 billion ($50 billion) in 2020 according to the central bank.

Over the last ten years, mobile money has gone beyond sending and receiving money to several