BoG wants Fintechs to reinvent Susu

The Bank of Ghana (BoG) has urged financial technology companies (Fintechs) to invest in the traditional financial services sector, specifically in the “susu” operations. At the recently concluded second edition of the Ghana FinTech Awards, Dr Ernest Addison, Governor of the Bank of Ghana, spoke on the crucial role of Fintechs in the financial sector. He stated that Fintechs are becoming an increasingly vital part of the financial system by providing innovative ways for individuals and businesses to manage financial resources, access credit, and make payments.

The Governor emphasized the importance of Fintechs’ efforts towards financial inclusion and economic stability and encouraged them to expand their digital financial services to the susu operations. He believes that the traditional susu model, which has similarities to crowdfunding, presents a low-hanging fruit opportunity for Fintechs with the Bank of Ghana’s crowdfunding policy in place. This model appeals to the unbanked and underserved and could provide a comprehensive solution to financial inclusion problems in the country.

The Bank of Ghana is committed to working with Fintechs to provide financial services to all Ghanaians, regardless of their income or location. The Governor acknowledged the contribution of Fintechs to the financial services sector and the economy and noted that the advent of Fintechs has made savings, credit, insurance, investment, and pension products available across the country, including remote locations.

During a panel discussion, players in the sector highlighted the significance of the Fintech industry for economic growth and called on the government and regulatory bodies to enhance the Fintech ecosystem for increased growth. Mr. Darryl Abraham Mawutor, Growth Director of Taptap Send Africa, emphasized the importance of relaxing regulations and tax systems to support the sector. He also called for the government to strategize and restructure its tax policies within the e-commerce and Fintech industry and for the education sector to promote awareness of the trends and development within the Fintech industry for people to explore career opportunities.