The Chief Executive Officer (CEO) of MobileMoney Fintech Limited (MMFL),Mr Shaibu Haruna, has called for a renewed focus on the country’s digital finance agenda, urging industry players to move beyond simply expanding access to financial services to improving the financial health and long-term well-being of customers.
According to him, the rapid growth of mobile money, agency banking and digital payment platforms in Ghana should translate into meaningful improvements in the way individuals and businesses manage their finances.
Mr. Haruna said digital financial services must increasingly be designed to provide customers with practical and sustainable solutions that enable them to save, borrow, invest and plan for the future more securely.
He made the call during a panel discussion on the theme, “Mobile Money, Agency Banking and Digital Payments,” at the inaugural Ecobank–Joy Business Financial Dialogue Series.
The forum brought together stakeholders in Ghana’s financial and fintech sectors to discuss developments, opportunities and challenges shaping the country’s financial ecosystem.
Beyond access
Mr. Haruna observed that while Ghana had made significant progress in expanding access to digital financial services, the next stage of the industry’s development required greater attention to how those services affected the financial lives of users.
He said increased access to mobile money accounts, digital wallets and other electronic payment platforms was important, but access alone was not enough to guarantee financial security.
He explained that the industry needed to focus on helping customers make better financial decisions and build resilience through products and services that addressed their actual financial needs.
“The next phase of digital finance must deliver practical solutions that help people save, borrow, invest and plan more securely,” he said.
The MMFL CEO noted that technology had created enormous opportunities for financial institutions and fintech companies to reach customers who might previously have been excluded from formal financial services.
However, he stressed that the success of digital finance should ultimately be measured by the value it created for customers and the extent to which it contributed to their economic well-being.
Strengthening financial inclusion
Ghana’s mobile money and digital payment ecosystem has become an important part of everyday economic activity, supporting payments, transfers and other financial transactions across the country.
Mr. Haruna said the industry must therefore continue to innovate while ensuring that customers were adequately protected and empowered to use digital financial services responsibly.
He emphasised the need for solutions that could help customers manage their incomes, develop savings habits, access credit responsibly and make informed investment decisions.
He further called for stronger collaboration among financial institutions, fintech companies, regulators and other stakeholders to ensure that innovation within the sector translated into tangible benefits for users.
Responsible digital finance
The call also highlights the growing importance of responsible digital financial services as more Ghanaians increasingly depend on mobile and electronic platforms for their daily financial transactions.
Mr. Haruna’s position suggests that the industry’s future should not only be about increasing transaction volumes or onboarding more customers but also about ensuring that digital finance contributes positively to household and business financial stability.
He said fintech companies and other industry players had an important role to play in developing solutions that were accessible, secure, transparent and responsive to the changing needs of customers.
The inaugural Ecobank–Joy Business Financial Dialogue Series therefore provided an important platform for stakeholders to examine the future of Ghana’s financial sector and explore ways of making digital finance more impactful.
The discussions are expected to contribute to the broader national conversation on financial inclusion, digital transformation and the development of a stronger and more resilient financial ecosystem.
For Mr. Haruna, the ultimate objective should be to ensure that Ghana’s digital finance revolution goes beyond putting financial services in the hands of more people and instead helps customers achieve greater financial security and long-term prosperity.
