Deloitte Urges Balanced Regulatory Approach as Fintech Innovation Accelerates
Country Managing Partner of Deloitte Ghana, Daniel Kwadwo Owusu, is calling on regulators and industry players within the financial technology ecosystem to maintain a careful balance between encouraging innovation and safeguarding the stability of Ghana’s financial system.
Speaking at a forum on “Future Trend of the Fintech Industry: Trends and Regulatory Challenges,” Mr. Owusu noted that Ghana’s financial services sector is experiencing rapid technological disruption amid an evolving regulatory landscape—an environment he described as both promising and complex.
He highlighted the significant role fintech continues to play in reshaping financial intermediation, citing the sector’s contributions to efficiency, inclusion and accessibility globally. “From mobile banking and digital payments to blockchain and artificial intelligence, fintech has been a catalyst for transformation,” he said.
Mr. Owusu, however, stressed that the sector’s rapid expansion also presents emerging risks. “With these advancements come new challenges—particularly in the areas of regulation, data privacy, cybersecurity, and consumer protection,” he cautioned, adding that regulators must ensure the integrity of the financial system while creating space for sustainable innovation.
Sharing insights from Nigeria’s fintech evolution, West African Lead for Technology and Telecommunications at Deloitte, Oluwole Oyeniran, underscored Nigeria’s dominance on the continent. He noted that the country is home to more than 400 fintech startups—approximately one-third of Africa’s total—and remains the continent’s top destination for fintech investment.
“In 2021, Nigerian tech startups collectively raised about $1.3 billion in fintech funding, the largest in Africa. Nigeria takes roughly 35% of Africa’s startup funding, and by 2023, fintech accounted for over 60% of all venture capital invested in Nigerian startups,” he said.
The event also featured contributions from the Head of the Fintech Oversight & Supervision Unit at the Bank of Ghana, Hayford Kumar, and Deloitte Ghana Audit Partner and Financial Sector Industry Leader, Charlotte Forson-Abbey.
