By Issah Mohammed
Accra, Oct. 12, GNA – Media organisations have been urged to verify the regulatory status of digital lending platforms before carrying their advertisements to prevent unlicensed operators from gaining credibility and reaching consumers.
Madam Anita Ayivi, Head of the Licensing and Authorisation Office at the Bank of Ghana’s Fintech and Innovation Department, said advertisements could provide unlicensed digital lenders with an avenue to attract customers.
She urged media houses to make regulatory checks part of their due diligence before accepting advertisements or promotional content for digital lending services.
“An attractive advert or a downloadable application should, therefore, never substitute for checking whether the provider is authorised to offer the financial service it is promoting,” she said.
Speaking at the Fintech Media Development Series, held on the theme: “Decoding Fintech: From Regulation to Revenue – A Masterclass for Business Media,” Madam Ayivi said the Bank had repeatedly issued notices about digital loan applications operating without the requisite authorisation.
She said such concerns were compounded by issues of customer data privacy and consumer protection.
She advised journalists to seek clarification where a provider’s regulatory status was unclear and establish whether a product required regulatory approval and, where applicable, whether such approval had been obtained before describing it as approved by the Bank.
She said the media also had a role in examining fee disclosure, misleading representations and consumer complaint procedures, which were essential to protecting users of digital financial services.
Madam Ayivi said the Payment Systems and Services Act, 2019 (Act 987), provided for consumer protection principles, the responsibilities of electronic money issuers and payment service providers, complaints procedures and transparency requirements.
She stressed that responsible reporting required an understanding of the regulatory framework and proper verification, rather than the mere reproduction of statements from regulators or industry players.
“For many members of the public, the media is where regulatory notices, emerging risks, new products and developments in the financial sector become understandable to them,” she said.
Mr Shaibu Haruna, Chief Executive Officer of MobileMoney Fintech Limited (MMFL), called for greater adoption of digital financial services, particularly among micro-enterprises, saying many small businesses remained excluded despite the growth of mobile money.
He said the industry needed to move beyond account registration and basic cash-in and cash-out services to encourage more frequent use of digital payments and financial products tailored to the needs of individuals and businesses.
Mr Haruna also identified fraud as a continuing challenge to digital financial services and called for sustained consumer education and collaboration to strengthen trust in the ecosystem.
Madam Sylvia Ankomah, Chief Executive Officer of the Digital Chamber of Ghana, urged journalists to ask critical questions about the digital financial services ecosystem while educating the public about its opportunities and risks.
She said the Chamber had evolved from its earlier structure within the telecommunications industry to represent licensed Dedicated Electronic Money Issuers (DEMIs), adding that discussions were ongoing to broaden its membership to include more fintech entities.
Madam Ankomah said Ghana had made progress in mobile financial services, but significant opportunities remained to extend digital services beyond basic cash-in and cash-out transactions to savings, insurance and pension products.
She called for continued engagement among regulators, industry players and the media to deepen public understanding of the evolving sector.
The programme, organised by MMFL, was designed to equip journalists and media professionals with practical insights into Ghana’s evolving fintech landscape, including regulation, business models and revenue opportunities.
GNA
Edited by Agnes Boye-Doe
Reporter: Issah Mohammed