Ghana’s ambitious 24-hour economy policy rolls out tomorrow, marking a major milestone in the country’s economic transformation agenda. As businesses prepare to operate around the clock, the fintech industry is positioning itself at the forefront to drive seamless financial transactions critical to the policy’s success.
In an exclusive interview with The High Street Journal, Mr. Martin Awagah, President of the Ghana Fintech and Payments Association, described the policy as a “transformative shift” that will unlock new opportunities for growth and inclusion.
“The new 24-hour economy economic model will spur demand for innovative financial services tailored to overnight operations,” he said, adding that fintech firms must guarantee “uninterrupted 24/7 availability with zero tolerance for downtime, as businesses and consumers will become entirely dependent on digital transactions.”
He explained that extended business hours will render cash transactions impractical, creating “unprecedented demand for digital payment solutions,” with mobile money, card payments, and QR systems expected to see accelerated adoption.
Commenting on how electronic payment platforms are preparing for the rollout, Mr. Awagah outlined a raft of strategic initiatives:
Leading fintech platforms are expanding server capacities to handle three to five times current transaction volumes. Advanced load-balancing algorithms are being deployed to prevent system overloads during peak nighttime transactions.
“The traditional 9-to-5 customer service model is becoming obsolete,” he noted. Companies are deploying AI-powered chatbots capable of resolving up to 80% of routine queries, backed by human agents working shifts for complex issues. Sophisticated USSD menus are also being enhanced to support feature phone users seamlessly.
With increased transaction volumes comes heightened risk of fraud. Mr. Awagah emphasised that fintech firms are investing in AI-powered fraud detection and real-time monitoring tools, alongside consumer education campaigns on safe digital payment practices.
Nighttime Incentives for Businesses
“Special nighttime incentive programs offer reduced transaction fees for businesses operating during off-peak hours, while targeted training initiatives help merchants optimise their overnight operations,” he revealed. Some fintech companies are also creating dynamic cash advance products that adjust credit limits based on real-time sales data, tailored to nighttime businesses.
Companies are moving beyond traditional authentication methods to adopt continuous verification using behavioural biometrics. These systems analyse user typing rhythm, device handling, and transaction timing to build unique profiles, enhancing security while allowing adaptive transaction limits based on risk assessments.
Fintechs are scaling merchant and agent networks, particularly in rural and peri-urban areas, to ensure inclusivity. Offline USSD-based solutions are being strengthened to maintain services during internet disruptions.
According to Mr. Awagah, the success of the policy depends heavily on the fintech sector’s readiness. He said real-time lending, Buy Now Pay Later schemes, and cross-border payment solutions will become increasingly vital, with sector-specific products needed for industries such as healthcare, logistics, and retail to function efficiently overnight.
“The policy represents a transformative shift in the country’s economic landscape. By enabling businesses to operate around the clock, this initiative aims to boost productivity, create jobs, and stimulate economic growth,” he concluded.
