UNCDF, in partnership with Eight Geeks At Law, a legal advisory firm, held a capacity building webinar on May 17, 2022, for various fintech start-ups operating in Ghana as part of its activities to support the digital ecosystem.

The webinar entitled, Navigating the Regulatory Landscape for Fintech Start-ups in Ghana, attended by over 80 participants, was geared at sharing lessons learned from the GrEEn Project funded by the European Union. Within this project, UNCDF provides digital and financial solutions to youth, women, returning migrants and MSMEs through a network of private sector providers, including financial institutions and technology firms. Lessons gained from the implementation of the GrEEn Project indicate that to unleash the full potential of digital solutions for MSMEs, providers need support to navigate the various regulatory requirements to remain compliant. If not, their ability to develop solutions would remain limited.

The Bank of Ghana reports that about 70 fintechs are operating in Ghana, but not all are fully licensed by the Bank of Ghana. According to UNCDF's interaction with market players, recurring challenges seem related to the complexity of the regulatory system, the high capital requirements, and the limited capabilities and resources of early-stage innovators in terms of compliance processes.

Under this context and as part of continuous efforts to provide relevant solutions to partners in the Ghanaian financial ecosystem, UNCDF, in partnership with Eight Geeks At Law, provided technical assistance to GrEEn innovators in their compliance processes to be able to serve thousands of youth, women and MSMEs in the Ashanti and Western regions.

Considering the relevance of the topic and similar challenges faced by the broader fintech community, UNCDF extended this technical assistance facility to other young fintechs operating in the Ghanaian innovation ecosystem, to help them innovate while complying with the current regulatory framework.

The knowledge sharing webinar targeted the start-up community to bridge the gaps identified and provide guidance on overcoming regulatory hurdles in Ghana.

According to UNCDF DFS Expert, Skills and Innovation, Ophelia Oni said, “the webinar is part of the activities UNCDF is undertaking to support the ecosystem with best practices and ensure fintechs in Ghana have the necessary tools and system in place to unleash the development of innovative and affordable services for those excluded from the formal sector.”

The session witnessed a vibrant discussion between start-ups and the Eight Geeks At Law. The advisory firm guided participants through the various regulatory frameworks and requirements applicable to different cases. UNCDF has compiled the main topics in a document that is accessible here.

The session has been recorded and fully accessible to the broader public here.

The final goal of this initiative was to extend the regulatory compliance knowledge and contribute to the development of the fintech community. UNCDF aims to position the GrEEn Project and the European Union at the forefront of the financial innovation agenda in Ghana to leave no one behind in the digital era. Vulnerable groups deserve innovative products and services that contribute to giving them control over their financial lives. Fintech providers have the unique advantage of being able to offer such solutions. Under the GrEEn Project, UNCDF advocates and provides tailored technical assistance to partners and stakeholders to support the growth of the fintech ecosystem.