The Dean of the Faculty of Business, Entrepreneurship, and Communication at Academic City University, Professor Enoch Opoku Antwi, has called for intensified collaboration between academia and industry to drive Ghana’s financial technology (fintech) sector forward. Speaking on the sidelines of the second International Conference on Financial Technology and Business Innovation, Professor Antwi acknowledged the progress made in the country’s fintech ecosystem but highlighted persistent gaps that could hinder its growth.
“Academia has not partnered effectively with industry, and this has affected innovation and progress. We need to work together to develop frameworks that will drive the next phase of fintech growth,” he stated. The expert emphasized that stronger ties between universities and fintech operators could accelerate product development, improve regulatory compliance, and enhance digital financial literacy across the country.
Philip Amoateng, Managing Director of Telecel Mobile Financial Services, underscored the role telecommunications companies play in expanding Africa’s fintech ecosystem. “Telecommunication companies such as Telecel are redefining Africa’s financial landscape by linking connectivity with innovation and inclusion. Beyond providing network access, they are building the digital infrastructure needed for inclusive economic growth,” Amoateng said. He added that continued collaboration among policymakers, regulators, and industry players is crucial to ensure that fintech solutions remain secure, scalable, and accessible to all citizens.
The International Conference on Financial Technology and Business Innovation, hosted annually by Academic City University since 2024, brings together academics, fintech innovators, and policymakers to address emerging challenges and opportunities in the digital economy. This year’s event, themed “Empowering Africa’s Digital Economy: Innovative regulations and policy for sustainable fintech and e-commerce growth,” gathered representatives from Telecel, the Bank of Ghana, Ghana Commercial Bank, Glico Group, and Academic City University to discuss strategies for fostering a more inclusive and resilient fintech ecosystem.
Experts at the conference noted that fintech adoption in Ghana has accelerated in recent years, driven largely by mobile money, digital lending, and payment solutions. However, the limited engagement between academic institutions and fintech operators has slowed the development of local talent, research, and innovation pipelines. Professor Antwi argued that closer collaboration could help universities produce graduates with skills aligned to industry needs, foster applied research on emerging technologies such as blockchain and AI, and encourage the creation of homegrown fintech solutions.
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Telecommunication operators, meanwhile, are playing a critical role in bridging gaps between the unbanked population and formal financial services. By integrating mobile platforms with fintech applications, companies are facilitating financial inclusion, providing services like microloans, insurance products, and real-time payments. Philip Amoateng highlighted that continued innovation and partnerships are key to sustaining this progress across the region.
The conference also examined regulatory frameworks, emphasizing the need for policies that balance innovation with consumer protection. Officials from the Bank of Ghana discussed ongoing initiatives to create a fintech-friendly regulatory sandbox, which allows startups to test new products under controlled conditions while ensuring compliance with national financial regulations. This approach aims to mitigate risks, foster innovation, and attract foreign investment into Ghana’s fintech sector.
Academic participants stressed the importance of research-driven solutions for scaling fintech in Africa. Applied studies on digital payment adoption, cybersecurity, and user experience are critical to building sustainable, secure, and inclusive fintech services. Collaboration with industry ensures that these insights translate into practical tools and solutions, driving economic growth and digital transformation across Ghana and the wider African market.
As Ghana continues to expand its digital economy, experts agree that the synergy between universities, regulators, and industry stakeholders will be decisive in shaping the next generation of fintech innovations. This collaboration is expected to not only enhance the competitiveness of Ghanaian startups but also provide models for other African countries seeking to accelerate their fintech ecosystems.
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