Numerous taxes affecting our operations – Fintech stakeholders

Some stakeholders within Ghana’s financial technology space are bemoaning the rate at which numerous taxes is affecting their operations.

According to them, this is affecting the cost of operations, hence the need for the government to reassess the tax regime.

Chief Executive Officer of Etranzact, John Apea, the sector is experiencing massive growth but needs more support to create jobs.

Speaking to Joy Business, he commended the Bank of Ghana’s effort in developing the fintech space.

The one in charge at the Bank of Ghana is really doing a great job. As an industry, we are doing well but we can do more”

“I’m not a fan of taxes but I believe if they [taxes] are used judiciously that’s when we are all comfortable to even want to pay more. We are managing with the taxes but it’s also affecting operations”, he said.

He believes the economic downturn is an opportunity to innovate.

Apea explained that fintechs must diversify products to be able to increase financial inclusion and to make customers happy.

He urged fintechs to increase their focus on customer experience, diversify products, and explore how they can partner with other institutions to increase customer experience and bring more products to bare.

Some of the greatest inventions were all accidental or they came at a time there was upheaval in the economy and people had to find alternatives, and that is our focus at eTranzact”.

The fintech industry has experienced significant growth in the past few years with technology reshaping the country’s financial services.