Omanghana
The Minister for Communications, Digital Technology and Innovation, Samuel Nartey George, has urged Ghana’s financial technology industry to balance rapid innovation with consumer protection, cybersecurity and public trust.
Speaking at the official launch of the MoMo FinTech Lab in Accra on Wednesday, August 12, 2026, the Minister warned that the growth of digital financial services must not expose citizens to fraud, privacy violations or financial losses.
“We cannot pursue innovation at the expense of trust. Financial technology touches something people cannot afford to lose—their money. When money is involved, trust is not optional. It is the product,” he said.
Sam George acknowledged the growing importance of financial technology to Ghana’s economy, noting that mobile phones now serve as banking platforms, payment terminals and business tools for millions of people.
He said the government would continue supporting innovation but would not sacrifice the security of citizens in the pursuit of faster technological development.
“Government will not trade the safety of Ghanaians for speed,” the Minister stressed.
According to him, fintech companies must priorities cybersecurity, data protection, consumer safety and regulatory compliance when designing and deploying their products.
He also urged regulators to establish rules that protect consumers without preventing startups from developing new services.
“We need regulation that protects without suffocating—regulation that responds to the speed of technology rather than the speed of bureaucracy,” he stated.
The MoMo FinTech Lab was launched to identify, develop and connect emerging technology innovators with opportunities in Ghana’s expanding digital financial services industry.
The initiative brings together universities, startups, technology companies, investors, regulators, banks and other financial institutions.
Its activities will include hackathons, mentorship, incubation support and practical training. Curated boot camps are expected to be organized in Accra, Kumasi and Tamale, giving developers from different parts of the country access to technical guidance and industry expertise.
Selected innovators will eventually present their products at a National Demo Day, where they will engage investors, financial institutions and other stakeholders capable of helping them commercialize and expand their ideas.
Sam George challenged Ghanaian developers to build homegrown financial technology solutions capable of competing in Africa and other international markets.
“The next big African fintech company does not have to come from Silicon Valley, London or Singapore. It can come from a university laboratory here in Accra, a co-working space in Kumasi or a bedroom in Tamale—from someone with nothing more than a laptop, an idea and determination,” he said.
The Minister urged universities and research institutions to open their laboratories and expertise to the program. He encouraged them to give students opportunities to test their research projects against real-world financial and technological challenges.
He also called on established technology companies and experienced industry professionals to mentor young developers and entrepreneurs.
Addressing the funding difficulties confronting Ghanaian startups, Sam George said the country does not lack talent or innovative ideas. The major challenge, he explained, is the limited connection between promising concepts, investment and opportunities for expansion.
He therefore appealed to banks, financial institutions and investors to provide patient capital to technology startups instead of demanding immediate returns.
According to him, early-stage companies require sufficient time and financial support to refine their products, attract customers and become commercially sustainable.
The Minister said the MoMo FinTech Lab must deliver more than a ceremonial launch. It should produce viable businesses, create mentorship opportunities and connect innovators with investors prepared to support their long-term development.
He maintained that Ghana can build a globally competitive fintech sector if innovation, appropriate regulation, consumer protection and sustainable financing are pursued together.
Source: Omanghana
