The Chief Executive Officer of Mobile Money Limited (MML), Shaibu Haruna, has called for a balanced regulatory approach to drive innovation and sustain the growth of Ghana’s digital financial ecosystem.
Speaking at the 2025 Fintech Stakeholder Forum in Accra, on the theme “Harnessing Ghana’s Fintech Potential: Regulatory Frameworks for Digital Credit and Digital Assets,” Mr. Haruna said that while regulation was essential to ensure consumer protection and system integrity, excessive restrictions could stifle innovation and slow down the pace of digital transformation.
He explained that Ghana’s fintech industry had reached a crucial point where collaboration between regulators, banks, and fintech companies must focus on enabling innovation rather than constraining it.
“We need regulations that are smart, not heavy-handed. Policies should encourage responsible innovation and allow fintechs to scale securely,” he said.
According to him, MobileMoney LTD, a subsidiary of MTN Ghana had seen firsthand how responsive regulation could unlock inclusion, especially among the unbanked.
He highlighted the success of mobile money interoperability, instant payments, and digital savings platforms as examples of what could be achieved when industry and regulators work in sync.
Mr. Haruna urged the Bank of Ghana (BoG) to continue engaging ecosystem players in the design of new frameworks, such as open banking APIs, digital asset policies, and consumer data protection guidelines.
These, he said, would be crucial in ensuring that fintech innovation continues to thrive under clear and consistent rules.
He also underscored the importance of harmonizing financial and data regulations to enhance interoperability and security, noting that fintechs often faced overlapping compliance requirements from different authorities.
“A unified regulatory framework will help fintechs focus on innovation rather than navigating complex approval processes,” he added.
On financial inclusion, the MML CEO noted that digital finance had already transformed access to payments and remittances for millions of Ghanaians.
However, he cautioned that sustaining this progress would require strong data governance, digital literacy, and investment in infrastructure.
Mr. Haruna said MML remained committed to deepening partnerships with banks, fintechs, and government agencies to expand access to affordable financial services, particularly for small businesses and informal sector workers.
He further highlighted that mobile money transactions continued to dominate Ghana’s digital payments landscape, creating jobs, boosting small business operations, and improving tax revenue collection.
“The digital finance ecosystem has created more opportunities for Ghanaians than ever before, from merchants and agents to app developers but for this momentum to continue, we must have balanced regulations that protect consumers and still allow innovation to flourish,” he said.
Industry experts from the Ghana Interbank Payment and Settlement Systems (GhIPSS) and IMANI Center for Policy and Education also echoed similar calls for collaboration, stressing that Ghana’s leadership in fintech innovation could be strengthened through interoperability and open data standards.
