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Regulators in fintech space urged to be accessible

BY: Dickson Worlanyo Dotse
 Garryl Kwaku Mawutor Abraham — Africa Director of Growth Taptap Send
Garryl Kwaku Mawutor Abraham — Africa Director of Growth Taptap Send

The Africa Director of Growth Taptap Send, an international remittance firm, Garryl Kwaku Mawutor Abraham, has underscored the need for regulatory authorities in the financial technology eco-system in Ghana to be more accessible, understanding and accommodating.

That, he explained, would help the country to reap the unlimited benefits of financial technology and e-commerce for development.

Ghana’s economy

He said Ghana’s current economic state required the support and collaboration of all sectors, particularly, entities operating in the electronic transfer of funds from abroad to citizens and businesses.

This, therefore,implies that the regulatory bodies in the sector must be more friendly and open to players in that space” he sad.

Mr Mawutor Abraham, said this at the 10th “Tech in Ghana” forum currently underway at the Accra Digital Centre, an event which is jointly sponsored by Taptap Send.

He said the Bank of Ghana had so far performed creditably in its relationship and interactions with remittance companies but needed to do more in enabling the environment so as to accelerate the pace of the countr in catching up with global financial digital transactions.

Transfers

He said $44.5 billion was transferred into the country in 2012, representing more than 70 per cent of total inflow of funds thus helping with the growth of the economy and in particular the ordinary citizens.

In addition to the capital inflow, Mr Mawutor Abraham said the financial eco-system also provided employment opportunities for a lot of the youth, helping to reduce the general stress to a large extent.

He said for example that Taptap Send a Ghanaian driven establishment, did not charge any fee for its services to both the sender recipients.

The two-day conference brought together key players, influencers and brand multi-national organisations from across the globe to share knowledge, compare notes and network for the uplift of the financial technological eco-system particularly in Ghana.