Ghana has emerged as a standout destination for venture capital in Africa, defying broader continental trends. A recent KPMG report reveals that Ghana’s tech sector recorded a 26% increase in funding in 2024, despite an overall 7% decline across Africa. The country’s fintech sector, particularly payment solutions, played a pivotal role in this growth.
Speaking at the Ghana Fintech Awards in Accra, Samuel Aluko, Partner at KPMG’s Technology and Digital Transformation Unit, highlighted Ghana’s fintech dominance, drawing attention to the sector’s ability to attract significant investment. Aluko attributed much of this success to Ghana’s advanced payment infrastructure and the innovative solutions emerging from the sector. However, he cautioned against over-reliance on fintech, urging diversification to maintain long-term stability.
“Ghana’s fintech sector is a magnet for investment,” Aluko noted. “But while payment solutions are driving growth, we must not become complacent. Diversification and corporate governance are crucial to sustaining this momentum.”
He cited FIDO’s recent $30 million funding round as an example of fintech success but pointed to the closure of Dash, a fintech company, as a warning about the risks of poor governance and financial misrepresentation. Aluko emphasized the need for transparency, accuracy in financial reporting, and strong cybersecurity measures, referencing reports from the Bank of Ghana about rising cyber threats.
Cybersecurity and data privacy were also central themes during the awards ceremony. Martin Kwame Awagah, President of the Ghana Fintech and Payment Association, expressed concerns over a 254% rise in online blackmail cases and significant losses from online investment fraud, which totaled nearly GH¢2 million in 2024. Awagah stressed that addressing these growing threats was essential to building trust in Ghana’s digital economy.
The fourth edition of the Ghana Fintech Awards also recognized industry leaders and outstanding achievements. Mobile Money Limited and First Atlantic Bank & Tanya were named Fintech & Bank Partnership of the Year, while Bri, MoMo Limited & C-Money secured the Fintech & Non-Bank Partnership of the Year. Franklin Johnson Gleedzi of FAB was recognized as Fintech CTO/CIO of the Year, and Ebenezer Channey of WeWire was named Young Fintech Leader.
Etranzact emerged as a major winner, taking home the awards for both Fintech Company of the Year and Leading Payments Technologies Service Provider. The ceremony also celebrated individuals, with Eden Q. Dzorkpata and Beatrice Beta named Fintech Personalities of the Year. Herman Kojo Chinery-Hesse received a Lifetime Achievement Award for his contributions to digital technology innovation.
The event also featured engaging activities, including a skit and play on phishing attacks, highlighting the importance of cybersecurity in the fintech space. Additionally, the Africa Fintech Summit was launched during the awards, marking Ghana as the host country for the upcoming summit.
With growing fintech dominance and rising cyber threats, industry leaders are calling for stronger governance and diversification to ensure sustainable growth in Ghana’s tech sector.
