Shaibu Haruna calls for balanced regulatory frameworks

The CEO of Mobile Money Limited, Shaibu Haruna, has called for balanced regulatory frameworks that foster innovation rather than constrain it.

Speaking at the 2025 Fintech Stakeholder Forum in Accra, he warned that excessive restrictions could slow Ghana’s digital transformation.

The forum brought together regulators, banks, fintech firms, policy think tanks and academia to deliberate on strategies for deepening financial access.

He stressed that smart regulations should encourage responsible innovation and allow fintechs to scale securely. He pointed out that Mobile Money Limited, a subsidiary of MTN Ghana, has witnessed firsthand how responsive regulation can unlock inclusion, particularly among the unbanked population.

The success of mobile money interoperability, instant payments and digital savings platforms demonstrates what becomes possible when industry players and regulators work in sync.

He also urged the Bank of Ghana to continue engaging ecosystem players in designing new frameworks for open banking APIs, digital asset policies and consumer data protection guidelines.

These initiatives, he argued, would prove crucial in ensuring that fintech innovation continues thriving under clear and consistent rules rather than navigating a maze of conflicting requirements.

A significant pain point for fintechs involves overlapping compliance requirements from different authorities. Haruna underscored the importance of harmonizing financial and data regulations to enhance interoperability and security across the ecosystem. A unified regulatory framework, he suggested, would help fintechs focus their energies on innovation rather than wrestling with complex approval processes that drain resources and slow deployment.

The CEO warned that many Ghanaians remain hesitant to engage fully with digital financial services due to fears of fraud, data breaches and misuse of personal information. This trust deficit represents a significant barrier to expanding digital finance adoption, despite the convenience these platforms offer. Building confidence requires not just regulation, but visible enforcement that protects consumers without crushing innovation.

On financial inclusion, Haruna noted that digital finance has already transformed access to payments and remittances for millions of Ghanaians. However, sustaining this progress demands strong data governance, enhanced digital literacy and continued investment in infrastructure. Without these foundations, the gains achieved could prove fragile and reversible.

Mobile money transactions in Ghana reached GH¢1.912 trillion in 2023, representing a staggering 78.7 percent increase from GH¢1.07 trillion in 2022. With 15.2 million active users and a network spreading across the country, mobile money has fundamentally redefined financial access for ordinary Ghanaians. This explosive growth has created jobs for agents and merchants, boosted small business operations and improved tax revenue collection.

The digital finance ecosystem has generated opportunities spanning from merchants and agents to app developers. Yet Haruna cautioned that for this momentum to continue, Ghana must maintain balanced regulations that protect consumers while allowing innovation to flourish. The challenge lies in finding the sweet spot where oversight provides safety without becoming suffocating.

Haruna praised the Bank of Ghana for its proactive leadership in supporting innovation, particularly through establishing its Fintech and Innovation Office, which serves as a hub for policy dialogue and industry engagement. This collaborative approach, he noted, ensures that innovation thrives within a stable and credible environment rather than in spite of regulation.

Industry experts from the Ghana Interbank Payment and Settlement Systems and IMANI Center for Policy and Education echoed similar calls for collaboration. A panel featuring Selorm Branttie of IMANI Africa, Professor Peter Quartey of ISSER, Clara Arthur of GhIPSS, Ethel Cofie of EDEL Technologies and Sylvia Otuo Acheampong of Mobile Money Limited highlighted growing concerns about gaps in data protection and regulatory coordination that risk undermining financial inclusion gains.

The panelists urged stronger inter-agency collaboration, clearer compliance standards and accelerated policy implementation to sustain investor confidence and market growth. They stressed that Ghana’s leadership in fintech innovation could be strengthened through improved interoperability and open data standards that allow different platforms to work together seamlessly.

Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, announced that the Central Bank will begin receiving digital credit applications from November 3, 2025, under its new Digital Credit Directive. The directive sets out ethical lending practices, clear disclosure requirements and governance standards aimed at protecting consumers while ensuring responsible digital finance.

The timing of this regulatory push matters enormously. Ghana’s fintech sector has grown rapidly, but its sustainability depends on maintaining a delicate balance between innovation and financial integrity. Get the balance wrong and either consumers suffer from inadequate protection or innovation withers under excessive constraint.

MML remains committed to deepening partnerships with banks, fintechs and government agencies to expand access to affordable financial services, particularly for small businesses and informal sector workers. These partnerships will determine whether digital finance fulfills its promise of transforming economic opportunities for Ghana’s underserved populations.

The forum underscored growing consensus among key industry players that Ghana’s fintech future must be driven by responsible innovation. As digital credit, mobile money and asset-based technologies expand, the need for adaptive regulation becomes increasingly urgent. Static rules designed for yesterday’s financial landscape won’t work for tomorrow’s digital economy.

What’s emerging is a recognition that regulation and innovation aren’t opposing forces but complementary elements of a healthy financial ecosystem. The question isn’t whether to regulate, but how to regulate in ways that protect without paralyzing and guide without constraining. Ghana’s fintech sector stands at a crossroads, and the regulatory choices made now will echo for years to come.