List Of Fintech Startups Operating in Ghana

Fintech is an abbreviation for Financial Technology. Fintech is the application of technology towards the delivery and use of financial services through automation to clients.

Better management of financial operations and processes by utilizing specialized software and algorithm used on computers and mobile phones by companies, business owners and clients is the reason Fintech exists.

In general, Financial Technology applies to an innovative way people transact business through digital money and double-entry bookkeeping. Think about the eCommerce websites and how they utilize transactions.

Though these shopping websites are virtual, yet, they are able to receive payment as if the business is being operated physically. These sites receive payments through digital payment gateways in order to receive payments.

Without the assistance of third-party or a person, one can see to the better management of their finances.

In this article, our main focus will be on the list Of Fintech Startups operating in Ghana.

A Brief Introduction Of Fintech In Ghana

Fintech was introduced in Ghana in the year 1997 by the Social Security Bank (SSB). The SSB introduced the Sika Card which allowed clients to utilize cashless transactions.

The introduction of the Sika Card was the first contribution Ghana made to Financial Technology. The main ideology behind the Sika Coin was to serve as an alternative to banknotes and cheques to enable customers to perform a cashless transaction with the bank and any other person virtually.

Later in 2008, the government of Ghana led by the then ex-president HE. John Agyekum Kuffour launched a national smart payment system called e-zwitch, an interoperability payment system used for conducting cashless transactions by companies, banks and saving and loans.

Below are a list of Fintech startups operating in Ghana.

Mobile Money And Other Mobile E-Wallets

MTN Ghana was the first telco giant to introduce mobile money into the Ghanaian payment system as a contribution to Financial Technology in Ghana. Within a short pace, the majority of the Ghanaian populace became familiar with the service.

The Mtn Mobile money was fast, quick, and convenient for mobile transactions like transfer of money, payment for services and other financial transactions, thus, the acceptance of the service to the masses of the Ghanaian populace.

With the achievement of the telco giant (MTN GH) and how successful the Mobile money was accepted by most people, paved way for other telcos in Ghana like AirtelTigo and Vodafone to also contribute to Financial Technology.

AirtelTigo came up with Airtel cash and Tigo cash whiles Vodafone also introduced Vodafone cash.

With the fast adaptation of Financial Technology, Ghana launched the Mobile Money Interoperability system in May 2018. This made it easier for the transfer of funds between mobile wallets within and across networks.

In addition, the Mobile Money Interoperability system allows movement of funds between one’s bank account and mobile money wallet which is always available to access.

Aside from the banks and telcos contribution to Financial Technology, there are other indigenous firms who provide value through innovative ways by contributing to Financial Technology. Below are other firms contributing to Financial Technology in Ghana.

Fintech Startups in Ghana

Express Pay

Express Pay is a payment gateway provider. They provide the services of utility bills, school fees, hotel reservations and premium insurance. In addition to their services, they also provide direct access to banking services like transfer of ‘to and fro’ its customers account.


Hubtel payment platform provides services as a payment gateway to its customers registered businesses in-store, online or by phone. It also provides Bulk SMS, messaging and advertisement services

Hubtel also provides Premium billing for its API services which can be used for subscription management, billing and content delivery to customers via Web, WAP, or SMS.


SlydePay renders services by helping you to make deposits into a receivers mobile money account. Other payments like School fees, utility bills, and contributions toward organization funds or dues can be processed with SlydePay.

Airtime, Data bundles from all the major telcos in Ghana can be purchased using SlydePay.


BezoMoney is a digital savings platform called BezoSusu that helps you save effectively and also receive bulk capital through group savings and credits to access formal financial services. A digital wallet is provided for your personal savings or group savings.

It is in essence, a digital platform that helps you save effectively, and enables you to access bulk cash through group savings and ensures that you build a worthy savings and credit history to foster your access to loans.

Bit Sika

Bit Sika is wallet based remittance for making payment. Users can deposit, send, receive and withdraw funds across the world. It provides support for various payment gateways including bank transfers, bitcoin, debit and credit cards, and mobile money.

It also offers users the opportunity to apply for and use virtual credit cards in their name to perform online transactions. Bit Sika’s application can be accessed on Android devices.


InterPay is a mobile financial service providing a platform to facilitate traditional transactions and e-commerce. Interpay also allows merchants to send and receive payments from their many customers across the country.

It also allows the collection of payments for bills and invoices.


iPay ensures easy transfer of money across Africa. iPay provides an avenue for online, in-shop POS, and off shop payment of goods and services. It is one of the popular payment solutions available.


PennySmart is a platform that provides a smart way to save your penny. It gives you interest on the total amount saved in your account. It also offers you a flexible way to determine the amount you want to save.

Zeepay Ghana Limited

Zeepay ensures international remittance services, domestic transfer services, bill payment and mobile money services. Zeepay operates across Africa and facilitates payments across European countries like UK, Germany, Italy, and Holland to African countries like Ghana.

Impact Of FinTech in Ghana

FinTech in Ghana has contributed a lot to business in Ghana. Though there are challenges, the positive influence it has contributed to businesses and Ghana’s economy is massive.

A lot of business now is able to operate online to meet the 21st-century business-standard. Businesses operating online now are able to receive payments and make transactions without the need for operating physically like the old times.

No need of carrying huge sums of money around and joining long queues at the bank.

Progress of Fintech in Ghana

In early 2019, Ghana regulated institutions and businesses that provide payment services and mobile money operations called the Payment Systems and Service Act.

This Act enabled direct licencing of non-banking sectors and FinTechs by the Bank of Ghana.

MTN Ghana made available of its Mobile money API for easy access to enable Fintech related businesses in Ghana to inculcate the service into their systems.

Challenges facing Fintech in Ghana

With the numerous payment platforms available, Ghana’s Fintech sector can be considered vibrant but in another view, it is still quite lagging behind from being recognized on the globe.

This is because most of the Fintech platforms are not accepted in international transactions.

Aside from, the Fintech services are faced by one challenge “Fraud”. There is nothing successful that has no challenge. Many criminals have taken opportunities to commit acts of fraud to registered subscribers of Mobile Money to defraud them of their funds.

This has posed a major threat to Fintech Operators as subscribers are hit with multiple fraud cases daily.

Many Fintechs are adopting new security ways to curb these fraudulent activities.

Future Possibilities

With the adaptation of Fintech in many businesses and sectors, one major sector that has been left untapped is the transport service. As it stands now, the transport services still conduct businesses in cash transactions.

As Ghana boast of digitization, we should be ashamed of leaving the transport service untapped in this digitization transformation.

As we journey through this transformation, expectations are high to see our transport services digitized to solve the problem of balance misunderstandings between passengers and mates.


Mobile Money transactions and payment gateways are fastly being adopted as the mode of making and receiving payments by the Ghanaian populace. In this article, we looked at the list of Fintech Startups in Ghana.

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