Rev. Professor Paul Frimpong-Manso, a prominent figure in Ghana's corporate and religious circles, has emphasized the significant potential of the country's fintech sector to drive digital solutions and economic growth.

Now serving as Board Chairman of eTranzact, a major player in the fintech industry, Prof. Frimpong-Manso believes that Ghana's fintech landscape offers unparalleled opportunities for innovation, financial inclusion, and overall economic development.

Speaking with the media following his appointment, Prof. Frimpong-Manso emphasized the importance of embracing digital solutions to stay competitive in a rapidly evolving global economy.

He pointed out that fintech, as the modern infrastructure of financial services, has the power to transform how businesses and individuals manage their finances.

“The fintech sector in Ghana has witnessed vast growth over the years, with financial inclusion at its core. With my vast experience in leadership, corporate governance, and ministry spanning over 40 years, I plan to leverage this experience to understand the intricacies of the fintech sector,” he stated.

He acknowledged the importance of understanding the specific language and dynamics of the industry, much like he did when he transitioned into the banking and insurance industry.

“When I was appointed as chair of an insurance company, I had to learn all about insurance, underwriting policies, premiums, comprehensive coverage, third-party insurance, and all the aspects that govern insurance. So, coming into fintech, I should be able to learn the language used in that industry. Fintech is probably the best thing we have in the 21st century, with a primary focus on financial payment solutions,” he recounted.

Professor Frimpong-Manso touched on some of his key priorities in the new role, aiming to provide quick, accurate, and secure financial services for Ghanaians.

He also underscored the role of eTranzact in promoting financial inclusion, especially through initiatives that reach underserved populations.

“Innovation will be a cornerstone under this new leadership, encouraging staff to be creative and forward-thinking to keep eTranzact ahead of its competitors. We will continue to evolve our offerings to meet their unique needs as the company plans to integrate features like job search, internships, and personal savings into its app, particularly for students,” he hinted.

He noted that eTranzact aims to shift from a business-to-business (B2B) model to a business-to-customer (B2C) approach, particularly with its innovative "Xcel Ghana” mobile application which he believes is a step towards making financial services more accessible to all Ghanaians, including students, market traders, and rural communities.

He also hinted at a broader approach, "B to A" (Business to All), where even children, market women, and truck drivers can access eTranzact services.

“This expansion aims to enhance financial inclusion by enabling individuals across the globe to perform financial transactions using their mobile phones,” he explained.

With his extensive experience in corporate governance and leadership, Prof. Frimpong-Manso is optimistic about the future of Ghana's fintech industry while highlighting the importance of staying ahead of the curve by incorporating artificial intelligence (AI) into enhancing operations and fostering financial inclusion.

He also mentioned that motivating employees, ensuring customer satisfaction, and complying with regulations set by the Bank of Ghana will be paramount under his leadership.

Rev. Frimpong-Manso concluded by stating that the fintech industry, when well harnessed, can significantly contribute to the country's economic growth and position Ghana as a leader in digital financial solutions in Africa.

eTranzact Ghana Ltd is a licensed Enhanced Payment Service Provider (PSP) in Ghana, the highest form of license in the PSP category in Ghana. It provides electronic payment services for banks, corporate institutions, government Institutions and many other sectors in Ghana.

MA/NOQ