John Mahama proposes national fintech strategy to combat financial fraud

John Mahama, the flagbearer of the National Democratic Congress (NDC), has revealed intentions to implement a National Fintech Strategy should he win the presidency, aimed at mitigating technology-induced fraud and fostering seamless operations within the banking, insurance, and investment sectors.

Mahama emphasized the importance of Ghana keeping pace with rapid technological advancements to avoid being left behind, particularly in the

Read full articlefinancial services industry. Speaking at a Fintech meeting in Accra on March 15, he underscored the necessity of equal access to digital resources to ensure the entire financial sector can benefit from digitalization.

To address this, Mahama pledged to encourage Fintech companies to share infrastructure cost-effectively and implement measures such as electronic know-your-customer (EKYC) systems and digital credentialing to enhance security and streamline operations.

Furthermore, Mahama committed to streamlining regulation to foster healthy competition and innovation within the Fintech space, ensuring that young innovators face fewer barriers in contributing to national development. He assured Ghanaians that the licensing process for Fintech companies would be fair and non-politicized, with equal opportunities for all applicants.

Additionally, Mahama announced plans to establish a $50 million Fintech Transformative Growth Fund to support Ghanaian-owned Fintech initiatives, addressing the financial needs of local innovators in the sector.