Fintech, an abbreviation for Financial Technology, refers to the application of technology in the delivery of financial services by way of automation to clients and the proper management of financial operations and processes by using software and algorithm in computers and smartphones.
Financial technology applies to the innovative ways through which people carry out their businesses on various digital platforms and double-entry bookkeeping.
For example, take a look at some e-commerce websites that you know. Although websites for shopping are virtual marketplaces, they can still accept payment for whatever they sell, just like a physical business would do.
They receive their payments through various digital platforms. If there are no third-party players, one will keep a better eye on their finances.
Introduction
The social security bank introduced Fintech into ghana in the year 1997 by implementing the Sika Card, allowing customers of the bank to make cashless transactions.
This was the first contribution by the country to the implementation of Fintech into the Ghanaian financial system.
The Sika Card was an alternative to the physical money that was widely used at the time. This was to allow customers of the bank to transact with the bank with the constant use of physical cash.
This was then followed by the launch of the national payment system known as e-zwich by former president John Agyekum Kuffour in 2008.
Several companies used this new system, banks, savings and loans, and institutions to perform cashless transactions.
This was also later followed by the introduction of the MTN mobile money platform in the country.
MTN Ghana was the first telecom company to introduce the mobile money service in Ghana.
This was later picked up by the other telecom companies in the country. The digital money transaction system gained wide usage across the country as a quick sending and receiving money method.
Here Are Some Of The Cashless Technologies Which Have Been Introduced Into The Country Through Fintech
Express Pay
This provider can be used to make payments such as utility bills, school fees, and hotel reservations.
They also provide users with direct access to banking services such as the transfer of money to and from their customer’s accounts.
Hubtel
This is a payment platform that provides services like gateway services to its customers for their registered businesses online and by phone.
Hubtel can also provide bulk SMS and advertisement services as well to it its clients. It also offers premium billing for its API services.
SlydePay
This service helps users to make payments by depositing money into the receiver’s account.
They also support other forms of payment such as school fees, utility bills, and contributions towards various organizational projects and funds.
You can also purchase data bundles from all telecom network companies in Ghana by using SlydePay.
BezoMoney
This is a digital savings platform that helps its users to save money effectively. It can also be used to receive bulk capital money from group savings.
A digital wallet is made available to users for their protection or group savings.
In simple terms, it is a digital savings platform.
BitSika
This service is a wallet-based remittance that is used for making payments. Users of this service can deposit money, receive, withdraw and send money all over the world.
It can also be used as a gateway for bank transfers, bitcoin, debit and credit cards, and mobile cash.
Users can also apply for a virtual credit card that can be used for online transactions.
iPay
This service enables the easy transfer of money across the African continent. They provide their users with an avenue for online shopping payments for goods and services that they purchase.
iPay is one of the most popular payment services around at the moment.
Zeepay
Zeepay is the latest fintech company in town, after its launch, the company has been able to spread across the country making paying and receiving payments more easy and more fun.
They have also made a lot of investment to make their company get seen by sponsoring the biggest sports club in Ghana, which is Kumasi Asante Kotoko.
Conclusion
Fintech technology has impacted ghana positively and aided its development in the world of digital payments.
Several businesses can now send and receive money and make transactions without having to do so physically like it was before. Fintech technology has progressed at a much steady pace in ghana as well.
