A number of factors, including but not limited to the domestic pool of technology talent, historical and ongoing innovations, a proactive sector regulator, and a stable geopolitical landscape, have left a number of experts bullish about the local technology-inclined start-up ecosystem’s prospects. The experts, drawn from various facets of the tech landscape – who formed part of a panel discussing Fintech and the Future of Finance at the recently-held Ghana Economic Forum (GEF 2022) organised by the B&FT – were convinced that harnessing these factors will see start-ups in the country attract more funding and develop more relevant solutions, which will see the nation cement its position as a technology and finance hub on the continent. Chief Digital and Marketing Officer-GCB Bank, Eric Coffie, expects to see enhanced collaboration between fintechs and other stakeholders, as well as the application of technology to areas where the adoption rate is currently low. “I am looking toward a future wherein fintechs are going to collaborate and take their solutions into areas like farming, education and health… these areas seem to be untapped at the moment,” he said, as he anticipates a shift from the current focus of payment solutions to what he described as “more impactful”. Managing Director-UBA Ghana, Chris Ofikulu, re-emphasised the importance of data; saying the stakeholders are failing to fully harness the benefits of data due to the current structures around its collection, analysis, storage and access. “Scaling will depend on how we manage data, and that data management will require proper aggregation of the data, control around general data protection laws, and also their administration.” He added that if the issues around data are resolved, the country should produce its first unicorn – a US$1billion-valued company – in the medium-term. Country Manager-AZA Finance, Nana Yaw Owusu Banahene, said over the medium-term – that is, over the next five years – the predominantly urban centres where there is more access to technology tools will see an uptake in decentralised finance and contactless payments. For the rural and peri-urban areas, he called for further investment to boost existing digital communication infrastructure. “In those markets, with some level of investment from government to streamline the communication infrastructure in those areas, we should see the wider adoption of solutions such as QR codes which are much easier to use,” he explained. The Director-Regulus Investments and Financial Services, Ankit Tandon, citing a number of areas where India has developed its fintech ecosystem said lessons can be learned from its experience and applied to the Ghanaian context. He added that strong financial markets will be crucial for development of the domestic fintech space. Advisory Manager responsible for Digital Transformation & Innovation at KMPG, Philip Twum, said the rapidly-changing digital finance landscape requires sector regulators to embrace the wave of change. “One thing I would like to say to regulators about cryptocurrency is that there is already capacity to regulate it, and I think the regulation needs to be progressive… today, licenced cryptocurrency exchanges work like banks; they have the advanced KYC and related protocols in all the right areas,” he explained. On his part, Managing Partner-Sustineri Attorneys, Richard Nunekpeku, while commending the BoG for its proactiveness warned of possible fatigue in the issuance of new licences, and stated that there must be a clear road map for the exit of licenced companies who fail to meet certain metrics. “The BoG could get tired of licencing new innovation. The question is: are all these companies going to be performing in full compliance with these rules and regulations, what are the plans to ensure that as we licence, we exit as well? For some, the technology’s relevance might be eroded; how are we going to exit such companies from the ecosystem? We need a clear roadmap for this; if not, the regulator might end up becoming a roadblock.” In 2016, the digital economy’s global value was calculated to be US$11.5trillion, or 15.5 percent of the world’s GDP. It is anticipated to grow significantly faster than the ‘conventional’ economy, reaching 25 percent by 2025, according to the World Bank – with Africa accounting for more than US$300billion of this.