The Executive Director of ReFinD, Prof. Peter Quartey, joined leading voices in Ghana’s financial technology ecosystem at the 2025 Fintech Stakeholders Forum. Organised by MobileMoney Limited (MML) under the theme “Harnessing Ghana’s Fintech Potential: Regulatory Frameworks for Digital Credit and Digital Assets,” the event brought together regulators, policymakers, fintech innovators, and researchers to discuss the implications of the Bank of Ghana (BOG)’s new guidelines on digital credit and digital assets.
ReFinD shares evidence-based insights for policy and inclusion
Prof. Quartey presented findings from ReFinD’s research on Ghana’s readiness for the implementation of the BoG’s digital credit directives, the potential for deepening financial inclusion, and the implications for SMEs and trade growth.
In his presentation titled “The Next Frontier: Leveraging Digital Credit and Assets for Financial Inclusion in Ghana,” Prof. Quartey described the Bank of Ghana’s directives as “a strategic catalyst designed to reshape the economy”-- positioning Ghana to achieve a balance between innovation, inclusion, and stability.
He highlighted the country’s strong digital foundation, including a high mobile penetration, half a million active mobile money agents, and broad user adoption of digital transactions, while cautioning that challenges such as digital literacy gaps, consumer trust issues, and uneven rural connectivity could hinder full inclusion.
“Digital credit must not only extend access but also empower the underserved,” Prof. Quartey said. “Smart regulation and responsible lending will be key to making digital finance work for the unbanked.”
Building trust and expanding access
Following his presentation, Prof. Quartey joined a panel discussion alongside representatives from IMANI Africa and MobileMoney Limited. Moderated by award-winning journalist Bernard Avle, the panel examined Ghana’s market readiness for the new regulatory frameworks, structural gaps that must be addressed, and the transformative potential of digital credit and assets in advancing financial inclusion.
Addressing market readiness, Prof. Quartey noted that while adoption levels are high, interest rate structures and limited financial literacy pose barriers to repayment and long-term sustainability.
“Our research shows that partial defaulters are often willing but unable to repay due to high interest rates. Optimising pricing and leveraging AI-driven credit scoring can help bridge this gap,” he observed.
On how digital finance can drive inclusion, he added that digital credit and asset platforms can unlock SME growth, enabling small businesses to access working capital and formalise their financial activity through mobile money and digital payment trails.
Prof. Quartey concluded by calling for educational campaigns to build consumer confidence, the development of SME-targeted credit products, and the creation of an API-driven credit marketplace to support responsible lending and ecosystem collaboration.
Collaboration as a driver of fintech growth
Speaking at the forum, MobileMoney Limited CEO Shaibu Haruna underscored the role of collaboration, innovation, and trust as the drivers of Ghana’s next phase of fintech growth.
ReFinD’s participation extends beyond the forum, reflecting its ongoing strategic collaboration with MobileMoney Limited. The partnership, announced in January 2025, focuses on mobile money agent networks, exploring strategies to enhance market penetration and strengthen support for agents in underserved communities. This shared commitment contributes to advancing financial inclusion and digital finance innovation in Ghana.
The Fintech Stakeholders Forum was organised as part of MML’s ongoing efforts to promote collaboration and thought leadership in shaping Ghana’s digital financial future. It took place on October 15, 2025, at the Mövenpick Ambassador Hotel, Accra.
ReFinD’s evidence-based contributions to the discussions reaffirm its mission to produce data-driven research and insights that inform policy and practice on digital financial inclusion in low- and middle-income countries (LMICs) across Sub-Saharan Africa, South Asia, and South-East Asia.
Click here to read the full presentation titled “The Next Frontier: Leveraging Digital Credit and Assets for Financial Inclusion in Ghana.”