Speaking at the launch of MTN Ghana’s 2026 DigiFest at MTN House in Accra on September 7, 2026, Razak said the next frontier of digital finance is to translate widespread access into everyday financial value and improved financial health.

MoMo was created to meet a customer need: to make it easier to move money and extend financial inclusion to every Ghanaian. The opportunity now is to help customers do much more with that access,” he said.

He noted that many customers still use their wallets mainly for transfers and storing funds, leaving significant scope to deepen access to savings, credit, investments, insurance, pensions and other services.

Financial inclusion should not end with being able to make a transaction. It should open the door to products that help people manage risk, plan for the future and pursue new opportunities,” Razak said.

He stressed that achieving this ambition would require sustained collaboration among mobile money operators, banks, insurers, pension providers, fintechs, regulators and other ecosystem partners.

A cash-lite economy cannot be delivered by MoMo alone. It must be built in partnership with the institutions and innovators that together serve the financial needs of Ghanaians,” he said.

Razak said MMFL’s platform approach enables partners to make a broader range of financial products available to customers, while the MoMo App offers a convenient channel through which users can discover, access and manage multiple financial and lifestyle services in one place.

He added that technologies such as artificial intelligence and application programming interfaces (APIs) can help institutions personalise services, connect products more efficiently, respond faster to customer needs and strengthen fraud detection and prevention.

As part of its commitment to homegrown innovation, MMFL is also implementing the MoMo FinTech Lab, an innovation and development programme that identifies and supports promising fintech ideas with the potential to shape the future of financial services in Ghana.

The programme provides selected participants with mentorship, skills development, technical support, stakeholder engagement, networking and pitching opportunities to help them develop practical solutions and connect strong ideas to the wider financial-services ecosystem.

Razak said innovation must ultimately deliver measurable benefits for customers by making financial services more useful, secure and accessible. “The goal is not technology for its own sake. It is to use technology and partnerships to solve real customer needs, expand opportunity and help more Ghanaians build healthier financial lives,” he said.

The company made the announcement following its Extraordinary General Meeting (EGM) in Accra, where shareholders approved key resolutions establishing MMFL’s independent governance and operational framework.

Chairperson of MMFL, Victoria Bright, described the completion of the separation as a major milestone in the company’s evolution and its ambition to become one of Africa’s leading fintech companies.

The separation gives MMFL greater agility and operational focus. It creates the opportunity to strengthen governance, improve efficiency and accelerate initiatives that deliver meaningful value to customers while supporting long-term sustainable growth,” she said.

According to Bright, the EGM approved resolutions covering the transition of directors into the new entity, the appointment of auditors and dividend-related matters. Shareholders also endorsed the appointment of Ernst & Young as MMFL’s first external auditors and approved a shift from semi-annual to quarterly dividend payments.

Chief Executive Officer, Shaibu Haruna, said the new corporate structure would enable the company to respond faster to changing customer expectations while increasing investment in innovation, cybersecurity and customer experience.

As an independent fintech company, we are better positioned to accelerate innovation, strengthen security, improve customer experience and develop solutions that meet the evolving needs of Ghanaians,” he said.

Haruna disclosed that MMFL generated approximately GH¢1.7 billion in revenue during the first quarter of 2026, representing a 28.4 percent increase over the same period last year.

He said the strong financial performance provides a solid foundation for continued investment in digital infrastructure, product development and enhanced security systems.

The structural separation, which took effect on March 31, 2026, establishes MMFL as an independent fintech company with its own governance structures and shareholder engagement framework.

The company said the move supports its long-term vision of advancing financial inclusion, driving digital innovation and creating sustainable value for customers, shareholders and the broader economy.

Strategic Implications for Ghana’s Fintech Industry

Industry observers say the separation reflects a growing trend in Africa’s telecommunications sector, where mobile money businesses are increasingly being established as standalone entities to unlock shareholder value, improve regulatory oversight and attract strategic investment.

The new structure is expected to provide MMFL with greater operational flexibility, enabling quicker decision-making, faster product development and stronger partnerships across banking, insurance, e-commerce and other digital financial services.

For investors, the establishment of an independent governance framework, separate financial reporting and enhanced board oversight is expected to improve transparency and corporate accountability while positioning MMFL for future capital-raising opportunities and strategic partnerships.

The move also comes at a time when Ghana’s digital financial services sector continues to expand rapidly, driven by increasing smartphone adoption, growth in digital payments, fintech innovation and government efforts to promote a cash-lite economy.

As one of Ghana’s largest mobile money operators, MMFL’s independence is expected to intensify competition within the fintech ecosystem, encouraging greater innovation in digital payments, savings, lending, merchant services and cross-border remittances.

The transition could also accelerate collaboration between fintech companies and traditional financial institutions, creating more integrated financial products that improve access to financial services for individuals and small businesses.

For customers, the separation is expected to translate into faster rollout of new digital products, improved service reliability, enhanced cybersecurity and more personalised financial solutions as MMFL sharpens its focus on innovation and customer experience.

The development further reinforces Ghana’s position as one of Africa’s leading digital finance markets, with fintech companies playing an increasingly important role in expanding financial inclusion, supporting entrepreneurship and driving the country’s digital transformation agenda.

Delivering a keynote address on responsible digital lending and consumer protection at the opening of the 3i Africa Summit in Accra, Haruna stressed that the speed of digital credit must be matched with transparency, accountability, and trust.

In the time it takes to complete a sentence, a digital lender in Accra, Kampala or Dar es Salaam can approve thousands of loans. But we must ask ourselves—did the borrower understand the interest rates, the penalties, and the terms? If not, then we must pause. Because without protection, there is no inclusion, and inclusion without protection is a trap,” he said.

He noted that digital lending has transformed access to credit across Africa, enabling millions of individuals and small businesses to participate in the formal economy. However, he cautioned that the same innovation could lead to over-indebtedness if not effectively managed.

Credit today moves at the speed of light, powered by data and technology. But as access expands, a critical question confronts all of us: are we building systems that are truly responsible and sustainable?” Haruna asked.

The MMFL CEO outlined four critical priorities for the industry thus transparency, responsible usage, data fairness, and accountability. “Customers must clearly understand the true cost of credit, interest rates, fees, and penalties,” he emphasised, adding that “transparency must be embedded in the design of every product.”

Haruna also raised concerns about multiple borrowing and debt cycles among users, urging providers to take a more deliberate approach to customer onboarding and credit management.

As providers, we must ensure that access to credit does not become a pathway to debt distress. We have a responsibility to guide customers, especially first-time borrowers, toward sustainable financial behaviour,” he reiterated.

On regulation, he called for a more balanced and adaptive approach. “The answer is not just more regulation, but smarter regulation. We need risk-based frameworks, real-time data sharing, and outcome-driven supervision that focuses on customer impact.”

He stressed that consumer protection must be a shared responsibility across the ecosystem. “It is not just a regulator issue or a service provider issue, it is a collective responsibility,” Haruna said. “If we fail to act, we risk repeating the experiences of other markets where rapid digital lending growth led to unintended consequences.”

Haruna concluded by emphasising the central role of trust in the future of digital finance. “Trust is the currency of digital finance. Without it, the entire ecosystem is at risk.”

The 3i Africa Summit, which kicked off on May 6, 2026, at the Destiny Arena in Accra, brought together over six hundred delegates, including policymakers, regulators, fintech leaders, and investors. The Summit ended on Friday, May 8, focusing on advancing innovation, investment, and impact across Africa’s digital finance landscape.

Speaking at a joint media briefing, Chief Executive Officer of JUMO Ghana, Philip Owusu-Gyamfi, Senior Partner at GFTN, Matteo Rizzi, and Group Chief Executive Officer of JUMO, Paul Whelpton, said Africa had moved beyond simply adopting financial technology and was now creating globally recognised innovations.

The speakers said the continent’s rapid expansion in mobile money, digital lending and financial technology had demonstrated Africa’s ability to develop solutions capable of transforming lives and economies.

Africa has been a champion for innovation in financial services in the past 10 years. What we need now is acceleration,” Paul Whelpton said.

The executives stressed that the next phase of growth would depend on deliberate investment in African talent, stronger partnerships between regulators and industry players, and the creation of harmonised digital finance systems across borders.

According to them, digital finance has already transformed access to credit and payments for millions of Africans who were previously excluded from traditional banking systems.

We are transitioning from mobile money systems into true digital finance, and that presents enormous opportunities for African markets,” Philip Owusu-Gyamfi noted.

They highlighted that many African innovations, including mobile money systems pioneered in East Africa, had become global models replicated in markets such as Bangladesh and Asia.

We need to start telling our own innovation stories because Africa has genuinely pioneered solutions that the rest of the world is now learning from,” Philip Owusu-Gyamfi emphasized.

The briefing also focused on the importance of regulatory cooperation in accelerating cross-border digital trade and financial inclusion.

The speakers pointed to ongoing efforts to simplify licensing processes and improve interoperability among African financial systems, arguing that technology could significantly reduce the barriers to doing business across the continent.

The benefit of digital finance is that it is cross-border and transferable. Once systems are connected, transactions and customer verification become much easier,” Matteo Rizzi explained.

The executives said the growing participation of African central banks and regulators at the summit showed increasing recognition of fintech’s role in economic development.

They also called for more investment in skills development, particularly in artificial intelligence, software engineering and entrepreneurship, to ensure Africa produces the next generation of global technology leaders.

The speed at which we organise capacity building is the same speed at which Africa can become the next global business hub,” Matteo Rizzi stated.

The speakers further noted that collaboration between fintech firms, telecom operators, banks and policymakers was helping to lower the cost of digital infrastructure and speed up innovation across the sector.

The 3i Africa Summit — focused on innovation, investment and impact — brought together fintech companies, regulators, investors and development institutions to discuss the future of digital finance and inclusive economic growth across Africa.

President and CEO of MTN Group, Ralph Mupita, said the continent is transitioning beyond mobile money into a more advanced, app-driven financial ecosystem powered by smartphones and deeper digital integration.

Speaking virtually at the summit, he noted that the COVID-19 pandemic accelerated digital adoption across emerging markets, reshaping what is possible in financial services.

We are at the point of transitioning from mobile money systems to true digital finance. This next phase will be driven by smartphones, app-based services, and deeper ecosystem participation across Africa,” Mupita said.

He explained that while mobile money has driven financial inclusion for over 15 years—especially in East Africa—the system has largely been dominated by peer-to-peer payments. The next phase, he said, will expand into digital lending, savings, insurance, and emerging financial technologies such as stablecoins and crypto-linked services.

Mupita added that telecom-led platforms have succeeded where traditional banking systems struggled, particularly in reaching underserved populations at low cost.

Telecom platforms have been able to reach customers at scale and at a cost traditional financial systems could not match,” he noted.

He said the evolution of mobile networks from 2G to smartphone-based ecosystems will unlock broader economic participation and help democratise access to financial services across the continent.

In a separate address, Chief Executive of the Ghana Interbank Payment and Settlement Systems, Clara B. Arthur, emphasised that Africa’s digital finance future depends not only on innovation but on strong infrastructure and intentional partnerships.

She said Ghana’s experience shows how collaboration between regulators, banks, fintechs, and mobile money operators can build trust and efficiency in the financial system.

Illustrating this transformation, she pointed to everyday user expectations in Ghana’s informal economy.

A market woman in Makola was asked how she preferred to receive payment. Without hesitation, she said, ‘Mobile money.’ She did not ask whether the sender was using a bank account or a wallet—she simply expected to receive the money without delay,” she said.

Arthur explained that this seamless experience is the result of interoperability built through platforms such as the national switch, gh-link, instant payment systems, and mobile money integration—all coordinated under the Bank of Ghana’s regulatory oversight.

She stressed that sustaining this progress requires deeper collaboration and continuous infrastructure development.

Resilient infrastructure, combined with strong and intentional partnerships, is essential to the future of digital finance,” she said.

Arthur also announced that Ghana is migrating its payment systems to the global ISO 20022 messaging standard to enhance cross-border compatibility, improve transaction efficiency, and support faster settlements.

She added that GhIPSS will collaborate with virtual asset service providers under a regulated framework following new legislation, and reaffirmed Ghana’s readiness to connect with other instant payment systems across Africa.

The future of digital finance lies in cross-border interoperability,” she said.

She further urged fintechs and financial institutions yet to connect to Ghana’s national switch to come on board, noting that shared infrastructure reduces costs, eliminates duplication, and strengthens scale.

Arthur concluded that Africa’s progress in digital finance is rooted in collaboration rather than competition.

When leadership is collaborative and partnerships are intentional, digital finance moves beyond systems and delivers real impact,” she said.

The 3i Africa Summit is a high-level continental forum focused on advancing Africa’s digital finance and innovation agenda through Innovation, Investment, and Impact.

Jointly organised by the Bank of Ghana and Ghana Interbank Payment and Settlement Systems, with support from partners such as MTN Group and the Global Finance & Technology Network, the summit brings together policymakers, central bank governors, regulators, fintech companies, and development partners.

Held in Accra, the forum serves as a platform to discuss how Africa can strengthen digital payments, financial inclusion, cross-border interoperability, and regulatory harmonisation.

It also focuses on key themes such as mobile money expansion, digital identity systems, fintech innovation, capital investment in digital infrastructure, and the role of technology in supporting the African Continental Free Trade Area.

In essence, the 3i Africa Summit is positioned as a strategic space for shaping Africa’s transition from fragmented financial systems to a fully integrated digital economy that supports trade, innovation, and inclusive growth across the continent.