ICT and Fintech

Ghana’s Information Communication Technology (ICT) sector is currently an integral part of the nation’s economic transformation. The sector is made up various players including, telecommunication service providers, internet service providers, software manufacturers, broadcast Institutions, ICT education providers, Internet café operators etc. 

As the country with the second-highest data penetration rate and fastest-growing mobile money market in sub Saharan Africa, ICT impacts almost every fabric of the Ghanaian economy with numerous tech solutions for various markets including financial services, Agric solutions, transportation, education etc. 

Financial services in the country have undisputedly been transformed with the adoption of digital systems. Data from the bank of Ghana’s payments systems statistics showing that mobile voice subscriptions had outstripped the country’s population recording over 40 million subscribers as at 2018. Registered mobile money accounts had hit over 30 million and mobile money transactions were a staggering GHC223 billion for the same period. 

Ghana currently has four (4) registered mobile operators namely; MTN (Scancom), Vodafone (Ghana Telecom), Glo Ghana and Airtel Tigo Mobile operating in a liberalized telecoms space. Telecoms giant MTN Ghana remains the market leader with over 17 million subscriptions accounting for 55.09% of market share 

Regulation and Supervision is facilitated by The Ministry of Communications, with the core responsibility of developing and initiating policies towards the development of the sector and the National Communications Authority (NCA) who is responsible for licensing and regulating all businesses operating in the communications sub-sector 

Outlook for the ICT sector remains positive as Growth in Ghana’s mobile telephony sector remains strong on the back of a growing population and formalized economy. Moreover, Government’s ambition to digitize transactions as a means of formalizing the economy as championed by the vice president Dr Mahamudu Bawumia would present endless opportunity for investors and FinTechs. 

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