By Jibril Abdul Mumuni
Accra, March 4, GNA – Ghana’s tech sector has defied continental trends, becoming the sole top five African destination for venture capital growth in 2024, according to a KPMG report.
The country recorded a 26 per cent increase in tech funding, despite a 7 per cent overall decline in African tech funding, highlighting Ghana’s strong position, largely driven by its robust fintech sector.
Mr. Samuel Aluko, Partner at KPMG’s Technology and Digital Transformation Unit, disclosed this at the Ghana Fintech Awards in Accra.
The event was attended by key figures within Ghana’s fintech space, including regulators, fintech company heads, and leaders of government institutions.
The event featured various activities, including the launch of the Africa Fintech Summit, set to be held in Ghana, and the signing of the Fintech Summit Memorandum of Understanding (MOU).
Mr. Aluko pointed out that Ghana’s tech investment landscape was heavily dominated by fintech, particularly payment solutions, distinguishing the country from global trends that are increasingly focused on artificial intelligence.
While the concentration on fintech has driven growth, he stressed that it required careful consideration.
“Ghana’s fintech sector is clearly a magnet for investment,” Aluko remarked.
“The strength of our payment infrastructure and the innovative solutions being developed are attracting substantial capital. However, we must be mindful of over-reliance.”
Aluko also highlighted FIDO’s $30 million funding as a prime example of the success of Ghana’s fintech ventures.
Despite this, Aluko urged against complacency and stressed the importance of strong corporate governance and compliance.
He referenced the closure of Dash, a fintech company, as a cautionary tale.
“Ensuring transparency and accuracy in financial reporting is paramount. Misrepresentation damages investor trust and undermines the sector’s long-term health,” he stated.
Aluko noted that cybersecurity remained a critical concern, as the growing sophistication of cyberattacks posed a significant threat to the expanding fintech industry.
He cited Bank of Ghana reports showing an increasing need for enhanced data protection measures.
Mr. Martin Kwame Awagah, President of the Ghana Fintech and Payment Association, also emphasised the importance of cybersecurity and data privacy in building trust within Ghana’s digital economy.
He raised concern about the 254 per cent rise in online blackmail cases and a significant increase in online investment fraud, with losses nearing GH¢2 million in 2024.
Mr Awagah underscored the urgent need to address these growing threats, as they posed serious risks to individuals and businesses.
The fourth edition of the Ghana Fintech Awards featured engaging activities, including a skit and a play on “phishing attacks.”
The March 2025 fintech awards celebrated exceptional achievements in the industry, recognizing key players.
Mobile Money Limited and First Atlantic Bank & Tarta were named Fintech & Bank Partnership of the Year, while Brij, MoMo Limited & G-Money secured the Fintech & Non-Bank Partnership of the Year.
Mr. Franklin Johnson Gbedzi of FAB was named Fintech CTO/CIO of the Year, and Ebenezer Channey of WeWire was recognized as the Young Fintech Leader.
Etranzact dominated the awards, winning both Fintech Company of the Year and Leading Payments Technologies Service Provider.
Edem Q. Dzorkpata and Beatrice Bota were honoured as Fintech Personalities of the Year.
The event also acknowledged significant contributions to the industry, such as Lady by Ladder Technology for Fintech Innovation of the Year, and Mr. Herman Kojo Chinery-Hesse, who received a Lifetime Achievement award for Digital Technology Innovation.
GNA