Q4 2023 Edition - The Ghana Fintech Report

THE GHANA
FINTECH REPORT
Q4 2023 EDITION
A Sustineri Attorneys’ Quarterly Fintech Newsletter
Table Of Content
1. FORWARD
2. PUBLISHERS & CONTRIBUTORS
3. INNOVATIONS RESHAPING FINANCIAL SERVICES –

ARTIFICIAL INTELLIGENCE (AI) AND MACHINE LEARNING (ML)
4. INCLUSIVE FINTECH – A SPOTLIGHT ON THE CYBER

SECURITY AUTHORITY (CSA)
5. EMERGING PRODUCTS AND BUSINESS MODELS
6. TRENDS AND INNOVATIONS
7. CONSUMER HIGHLIGHTS
8. INSIGHTS
9. INDUSTRY PLAYERS’ SPOTLIGHT
10. PAST AND UPCOMING EVENTS
The Ghana Fintech Report 01

FORWARD
future of finance.
On the consumer insight front,

we examined the crucial role of
consent in promoting consumer
centricity in the deployment of
innovations and further looked
at checklists for consumers in
sharing their data with third
parties.
In our industry spotlight, we

showcased “eCampus”, a Gha-
naian company at the forefront
of driving compliance and
self-learning tools for companies
and individuals exemplifying the
transformative impact of
Fintech in enhancing educa-
tional and regulatory compli-
ance landscapes.
Richard Nunekpeku Additionally, we chronicled
The Editor significant past events, includ-
ing the maiden “eCEDI Hack-
athon” organized by the Bank of
Dear Esteemed Readers, into its pivotal role in safeguard- Ghana, an event that under-
ing the integrity and resilience scores the regulator’s commit-
We are thrilled to release the of the Fintech and Consumer ment to fostering innovation
4th Quarter edition of the Protection ecosystem as well as and collaboration.
Ghana Fintech Report, repre- its newly introduced licensing
senting a continuation of our regime for cybersecurity service We extend our sincere gratitude
journey in exploring the dynam- providers. for your continued support,
ic landscape of enablers of the feedback, and engagement.
Financial Technology (Fintech) Further, we provided compre- Your involvement motivates us
industry in Ghana. This edition hensive insights into trends and to persistently explore and doc-
marks a significant leap innovations driving change ument the evolving Fintech
forward, focusing on the perva- within the ecosystem by looking landscape through our quarterly
sive influence of Artificial Intelli- at the evolving deployments of Ghana Fintech Reports.
gence (AI) and Machine Learn- Buy Now Pay Later (BNPL), Save
ing (ML) in shaping innovative Now Buy Later (SNBL) payment We trust that the insights and
use cases within the Fintech or credit options, and monetiza- knowledge shared in this edition
space. tion opportunities with the will prove invaluable in navigat-
advent of Web3. Notably, we ing the exciting and transforma-
The regulatory spotlight as part explored the emergence of tive developments within the
of the “Inclusive Fintech” Compliance as a Service (CaaS) Fintech industry in Ghana.
enablers is on the Cyber Securi- and other groundbreaking
ty Authority (CSA). We delved developments shaping the
The Ghana Fintech Report - Q4, 2023 02

PUBLISHERS AND
CONTRIBUTORS
ABOUT THE FIRM
We are Ghana’s foremost only address immediate legal

Fintech and Start-up focused needs but also anticipate future
Our goal is to help businesses to
law firm, committed to provid- challenges and opportunities.
become commercially sound
ing differentiated legal services
and viable, as well as regulatory
by leveraging our experience as Our pride as the foremost
compliant, by engaging in legal
proven entrepreneurs, business Fintech and Start-up focused
and beneficial transactions to
managers, and business lawyers law firm stems not only from
promote their business compet-
which allows us to think and act our understanding of the
itiveness for sustained opera-
like entrepreneurs, business potentials of emerging technol-
tions and investments.
owners, and managers we work ogies and our belief in the ideas
with at all times. of many young people, but also
And as our name implies, our
from the difference our network
priority is to always leverage
As a team of young legal practi- of resources and experience can
legal means to promote the
tioners, SUSTINERI ATTORNEYS make when working closely
sustainability (long-term viabili-
PRUC takes pride in acting with with founders and entrepre-
ty) of our clients’ businesses.
integrity, avoiding conflicts, and neurs. To this end, we operate a
working with clients to design 24-hour policy urging our
We are different, and the
innovative legal solutions that clients to reach out to us at any
preferred partner for growth.
meet their specific needs. time and on any issue.
At SUSTINERI ATTORNEYS We strive for excellence, ensur-

PRUC, we consider every client’s ing that our solutions provide
brief as an opportunity to use sustainable paths for our clients’
our sound understanding of businesses by adopting a com-
Ghana’s business, commercial mon-sense and practical
and legal environment, profes- approach in our value-added
sional experience, and sound legal service delivery – and
commercial knowledge to employing our problem-solving
provide solutions that do not skills.
CONTRIBUTORS
Richard Nunekpeku, Cecilia Antwi Kyem, Adwoa Birago Nyantakyi, Harold Kwabena Fearon,
Managing Partner Associate Associate Associate
[email protected] [email protected] [email protected] [email protected]

INNOVATIONS RESHAPING
FINANCIAL SERVICES
03

ARTIFICIAL INTELLIGENCE (AI) AND
MACHINE LEARNING (ML)
Two emerging technologies require human intelligence game-changing.
with the potential to shape and such as visual perception,
reshape the offering of financial speech recognition, and deci- A. Adaptability: AI and ML
services globally are Artificial sion-making as its full potential possess the ability to adapt and
Intelligence (AI) and Machine is not fully realized. evolve with improved perfor-
Learning (ML). Currently, the mance with time, making their
transformative influences of Machine Learning (ML) on the use in financial service deci-
these technologies are being other hand has proven to be the sion-making dynamic and in
experienced and deployed at an development of algorithms that tune with the evolving financial
increasing rate across all indus- can learn from and make sector landscape.
tries and financial service is not predictions or decisions based
an exception. on vast datasets and seek con- B. Pattern Recognition: Partic-
tinuous improvements through ularly, ML has proven useful in
The opportunity to maximize continuous learning over time. pattern recognition enabling
the unique benefits of AI and the ability to identify and learn
ML to drive efficiency, accuracy, It is the combined and tailored complex patterns from large
and innovations within the use of these technologies that is volumes of historical datasets.
financial sector is real due to the making analysts predict their This will be paramount for the
abilities of these technologies to transformative influences on identification of trends,
analyze vast datasets, produce financial services in ways some patterns, and potential risks in
meaningful insights, and make of which are discussed below. financial datasets and help
informed decisions with a click address concerns such as fraud,
of a button is becoming the etc.
mainstay of financial services SOME UNIQUE CHARACTERIS-
offerings today across the world. TICS OF AI AND ML C. Automation: AI enables auto-
mation at greater efficiency and
While the revolution is just Technologies in various forms speed leveraging ML algo-
beginning, we have come to are being used and available rithms. This helps in automated
understand Artificial Intelli- within the financial sector decision-making based on
gence (AI) as the innovative industry. However, the unique identified data insights and
simulation of human intelli- ability of AI and ML to achieve holds the promise to streamline
gence in machines enabling adaptability, pattern recogni- processes, reduce manual labor,
computers and machines to tion, and automation at an and improve overall financial
perform tasks that typically incredible speed is proven to be sector efficiency.

provision is taking center stage.
AI-enabled tools can analyze
individual preferences, patterns,
and financial behaviors to
design and offer personalized
advice, improving the quality of
financial services.
POTENTIAL RISKS ASSOCIAT-

ED WITH AI AND ML IN
FINANCE SERVICE OFFERING
The positive uses and impacts of

AI and ML on the financial
sector could be limited by some
of the risks discussed below:
A. Data Privacy and Security:

This concern is common to all
emerging technologies com-
pelling robust data protection
measures to prevent privacy
and security breaches. These
PRACTICAL USE CASES OF AI ties in real-time proving to be a risks could be mitigated
AND ML IN THE FINANCIAL proactive approach to enhanc- through the implementation of
SECTOR ing online security for financial data governance practices that
transactions. leverage the benefits of encryp-
It is practically impossible to
tion, access controls, data ano-
make an exhaustive list of all the C. Customer Service: Some nymization, etc. to safeguard
potential use cases of AI and ML customer service concerns have
in financial service delivery. become mundane and repeti-
However, some key use cases tive. The opportunity to address
stand to benefit immensely some of the concerns through
from the deployment of AI and
ML going forward.
the use of Frequently Asked
Questions (FAQs) has become Currently, the
A. Credit Scoring: With the
limited as same has been with-
out a human touch. Chatbots
transformative
increasing development
deferred payment options such
of and virtual assistants powered
by AI will enable new customer
influences of
as Buy Now Pay Later (BNPL)
and other credit facilities, ML
interactions through real-time
instant responses and inquiries
these technolo-
algorithms have the potential to
improve the underlying credit
in a humanly possible manner gies are being
while facilitating seamless com-
scoring models by incorporat- munication between financial experienced
ing a broader range of data service providers and consum-
points and making a more ers. and deployed at
accurate assessment of individ-
ual’s creditworthiness. D. Algorithmic Trading: Invest- an increasing
B. Fraud Detection: Fraud and
ments will continue to be a
significant part of the financial rate across all
its related concerns continue to
be the dark spot in the excite-
sector and ML algorithms can
analyze market trends, histori- industries and
ment around the potential of
technologies generally to
cal data, etc. to make informed
trading decisions and optimize financial ser-
change our lives. With AI-en-
abled systems, the use of
investment options.
vice is not an
pattern recognition methods
could be leveraged to identify
E. Personalized Financial
Advice: With advances in tech-
exception.
and prevent fraudulent activi- nologies, personalized service

the confidentiality of financial of AI and ML systems across the models that are easily under-
records. financial sector. Navigating the stood and explainable to stake-
evolving regulatory landscape holders, regulators and con-
B. Bias and Fairness: Largely, and ensuring compliance with sumers will enhance their uses
the algorithms underlying AI legal requirements pose chal- in the financial sector going
and ML systems may inherit lenges for the deployment of AI forward.
biases present in their training and ML systems in the finance
of data and how assessments sector. Continuous monitoring
are made which may lead to and auditing of AI systems to
discriminatory outcomes. To identify and rectify biases, secu-
deal with this, ethical consider- rity vulnerabilities, compliance, CONCLUSION
ations must be incorporated and performance optimization
into the design, development, will offer comfort for regulators The use of technology in any
and deployment of AI and ML and restrain them from stricter form has become the mainstay
systems to ensure fairness, regulations. of the financial sector globally.
transparency, and accountabili- The opportunity to integrate AI
ty in algorithmic decision-mak- D. Understanding AI and ML and ML into financial service
ing. models: Generally, technology offerings holds immense prom-
is complex and inhibits ordinary ise for innovation and efficiency.
C. Regulatory Compliance: understanding. The complexity While the pursuit of this is
Globally, regulators are of AI and ML models may hinder encouraged, innovators, regula-
responding to the emerging the understanding of their use tors, and end users must ensure
concerns and risks of AI and ML. cases and the explanation of the balanced and ethical consider-
New regulations have been reasons behind their decision ations underpin any design,
enacted and several ones are outcomes. Striving for transpar- development, and deployment
under consideration to manage, ency in AI decision-making of AI and ML-enabled financial
supervise, and regulate the use processes and developing services or tools.

INCLUSIVE FINANCIAL
TECHNOLOGY (FINTECH)
04

A SPOTLIGHT ON THE CYBER SECURITY
AUTHORITY (CSA)
Cybercrime has become an 2008 (Act 772), the Cybersecuri- CYBERSECURITY IN GHANA
increasingly pervasive threat in ty Act, 2020 (Act 1038) and other
our digitally unified world. With interrelated legislations serve as In this digital age where tech-
the rise of the internet and digi- the legal backing in Ghana’s nology lies at the heart of our
tal technologies, criminals have quest for combating cyber- daily lives, cybersecurity takes
also upgraded their game and crimes. In addition, the battle center stage as a shield against
equally exploring new avenues against cybercrime will require cybercrimes. Cybersecurity is
to exploit the vulnerabilities to the deployment of technologi- the means of warding off cyber-
carry out illegal activities. From cal tools, legislative initiatives, attacks and safeguarding our
hacking and identity theft to cybersecurity awareness cam- precious data from the clutches
fraud and malware distribution, paigns, and the expertise of of unauthorized access. It
cybercriminals employ various cybersecurity authorities to details a wide range of protec-
tactics to compromise digital achieve any desired results. tive measures and strategies
systems, security, and privacy of aimed at ensuring the confi-
individuals, companies, and By understanding the nature of dentiality, integrity, and avail-
even governments. These cybercrimes, the mechanisms ability of digital resources to
actions can have severe conse- in place to mitigate them, and combat cybercrimes.
quences, including financial the expertise of cybersecurity
loss, data breaches, and authorities, individuals and To effectively protect against
damage to one's reputation and organizations can better protect cyber threats, cybersecurity
privacy. themselves against the professionals employ various
ever-evolving landscape of proactive measures. These
Ghana, like many other coun- cyber threats. include the implementation of
tries, faces its share of cyber- firewall systems to control and
crime challenges. It is for this In this write-up, we will explore monitor network traffic, encryp-
reason that the government the licensing regime, and tion techniques to secure sensi-
and law enforcement agencies policies as well as efforts being tive information, and intrusion
are actively working to address made to combat these cyber- detection systems to identify
this issue through the imple- crimes and highlight the impor- and respond to potential
mentation of cybersecurity tance of cybersecurity in safe- breaches promptly. Regular
measures and regulations. guarding our digital lives. security updates also address
vulnerabilities and help stay
The implementation of the ahead of emerging threats.
Electronic Transactions Act,

Cybercrime
In Ghana, the Cyber Security best practices, cybersecurity
Authority (CSA) assumes an authorities are sought after for
overseeing and coordinating their advice and insights on
role across the country. It acts as
a central authority responsible
how to effectively defend
against cyberattacks. Their con-
has become
for implementing the provisions
outlined in the Cybersecurity
tinuous engagement with the
latest technologies, emerging an increas-
Act, 2020 (Act 1038). By enforc-
ing regulations and promoting
threats, and security protocols
enables them to provide valu- ingly perva-
sive threat in
cybersecurity best practices, the able guidance and assistance to
authority fortifies the nation's individuals, organizations, and
digital infrastructure and government bodies seeking to
ensures a secure online environ-
ment for individuals, business-
bolster
defenses.
their cybersecurity
our digitally
es, and government entities.
unified
world.
Cybersecurity authorities,
whether individuals or organi- THE CYBERSECURITY ACT AND
zations, are recognized as THE CYBER SECURITY
esteemed leaders in the field of AUTHORITY (CSA)
cybersecurity. Equipped with
extensive knowledge and In 2020, Ghana’s Cybersecurity
expertise, they possess the Act, sometimes referred to as
ment of the National Computer
necessary skills to defend com- the Cybersecurity Act of Ghana,
Emergency Response Team
puter networks, systems, and was passed into law to establish
(CERT) to actively monitor and
data against online attacks. a framework for safeguarding
respond to cybersecurity
These experts often have back- Ghana's cyberspace. To effec-
incidents within Ghana. This
grounds in information technol- tively implement these goals,
dedicated team will be detect-
ogy, computer science, or relat- the act established the Cyber
ing, analyzing, and mitigating
ed disciplines. They may also Security Authority (CSA) as the
potential cyber threats, ensur-
hold credentials such as the regulatory body responsible for
ing a swift and effective
Certified Ethical Hacker (CEH) overseeing and coordinating
response to any cybersecurity
or Certified Information cybersecurity initiatives
events. The CERT is in charge of
Systems Security Professional throughout the country. To
supplying incident response
(CISSP), demonstrating their defend against cyberattacks,
and early warning systems to
competence and adherence to the CSA is entrusted with creat-
lessen cyber threats and vulner-
industry standards. ing and executing national
abilities.
cybersecurity policies, strate-
Given their deep understanding gies, and guidelines. In addition,
In addition, the Cybersecurity
of evolving threats and security the act mandates the establish-
Act highlights how crucial it is
for the public and private
sectors to work together to
improve cybersecurity resil-
ience. To effectively address
cybersecurity concerns, it
promotes information sharing,
capacity building, and coopera-
tion. All things considered, Gha-
na's Cybersecurity Act is
evidence of the government's
dedication to tackling cyberse-
curity issues and safeguarding
the nation's digital infrastruc-
ture. Ghana wants to improve its
cybersecurity posture and
lessen the dangers brought on
by cyberattacks by putting in
place a legal framework and
regulatory body.

The Cyber Security Authority
(CSA) is established as a dedi-
In 2020, Ghana’s requirements for a license and
granting the license is not
cated body responsible for Cybersecurity against the public interest, it
protecting digital systems, may proceed to grant same to
networks, and data from cyber Act, sometimes the applicant. The decision
threats. The Authority
empowered to acquire and
is
referred to as the regarding the application must
be communicated to the appli-
manage property, enter into Cybersecurity cant within thirty (30) days.
contracts, and perform other Once granted, the license is
necessary transactions. Act of Ghana, subject to specific terms and
The objectives of the Authority was passed into conditions.
include regulating cybersecuri-

ty activities, preventing and
law to establish a A misuse of a license will result
in an administrative penalty.
responding to cyber threats and framework for
incidents, overseeing critical A license granted under this Act
information infrastructure, safeguarding is valid for a period of two (2)
promoting the development of
cybersecurity, fostering collabo-
Ghana's cyber- years. To continue operating as
a cybersecurity service provider,
ration between public institu- space. the licensee must apply for a
tions and the private sector, renewal of the license at least
raising awareness about cyber- one (1) month before its expira-
security, and collaborating with of relevant ministers, the Direc- tion.
international agencies to tor-General of the Authority,
enhance national cybersecurity. representatives from the indus- In March 2023, the Cyber Securi-
try, and other appointed mem- ty Authority (CSA) introduced
To achieve its objectives, the bers. The Board, led by the chair- new licensing categories for
Authority is entrusted with person (usually the Minister), is providing cybersecurity services
various functions. These func- responsible for overseeing the in the Ghanaian market. This,
tions include providing advice operations and strategic direc- which became effective in Sep-
to the government and public tion of the Authority in accor- tember 2023, established three
institutions on cybersecurity dance with applicable laws and distinct categories, each with its
matters, promoting the security regulations. own set of requirements.
of computer systems, monitor-
ing cybersecurity threats, estab- 1. Licensing of Cyberse-
lishing standards and codes of THE LICENSING OF CYBERSE- curity Service Providers
practice, certifying cybersecuri- CURITY SERVICE PROVIDERS
ty products and services, This category encompasses
responding to cybersecurity Under the Cybersecurity Act Cybersecurity Service Providers
incidents, identifying and regu- 2020 (Act 1038), it is a require- (CSPs), defined by the CSA as
lating critical information infra- ment for individuals to obtain a individuals or entities licensed
structure, supporting law license from the Cyber Security to deliver cybersecurity services.
enforcement agencies, promot- Authority in order to provide Some of the cybersecurity
ing online protection for cybersecurity services. services include Vulnerability
children, issuing licenses for Assessment and Penetration
cybersecurity services, support- To apply for a license, an individ- Testing (VAPT), Digital Forensics
ing research and development, ual seeking to provide cyberse- Services (DFS), Managed Cyber-
disseminating cybersecurity curity services must submit a security Services (MCS), Cyber-
information, submitting reports written application to the security Governance, Risk and
on the state of cybersecurity, Authority. The application Compliance (GRC), and Cyber-
educating the public, building should be in the prescribed security Training (CT).
capacity in cybersecurity, form and accompanied by the
collaborating with law enforce- necessary supporting docu- Foreign CSPs on the other hand
ment agencies, maintaining a mentation and fees determined are required to register as a
national register of risks and by the Authority. Upon receipt of business with the Regis-
licensed entities, and perform- the application, the Authority is trar-General’s Department.
ing other functions necessary to obligated to acknowledge its Following this registration, the
fulfill its objectives. receipt within fourteen (14) days. licensing requirements for both
foreign and domestic CSPs are
The Cyber Security Authority is If the Authority is satisfied that the same. However, if a foreign
governed by a Board composed the applicant meets the CSP is unable to meet this

license by:
a. Completing an online form.

b. Providing national identifica-
05
tion.
c. Submitting a resume that
demonstrates cybersecurity
expertise.
d. Submitting a reference, and
e. Completing a background
check.
Non-Ghanaian individuals
must:
a. Complete the same online

form.
b. Submit a background check
from a “competent authority” in
the country of origin or the
requirement or does not intend and existing Cybersecurity country of residence for the
to establish operations in Establishments, which the CSA previous five years.
Ghana, it must provide evidence defines as organizations formed c. Submit the biodata page of a
of a partnership with a Ghana- to investigate cybercrimes and valid travel document (for
ian-owned CSP that holds a mitigate cybersecurity example, a passport).
valid license. The specific legal incidents. For the purposes of d. Submit evidence of a job or
and financial terms constituting the licensing regime, CEs refers consultancy offer with a Ghana-
a partnership in this context are to Digital Forensic Laboratories ian-based entity for a cyberse-
yet to be formally defined by the and Managed Cybersecurity curity job.
Cybersecurity Authority. Service Facilities. However, if a e. Submit academic and profes-
CE intends to perform other sional qualifications and certifi-
To obtain this license, CSPs functions that are not covered cations.
must: by this definition, the CE license f. Submit proof of insurance
a. Complete an online applica- may still apply at the CSA’s coverage, if applicable.
tion. discretion. g. Submit proof of membership
b. Provide a detailed description of in professional cybersecurity
of the services offered and the Due to its nascent nature, there body, and
technical processes involved. are no specifically outlined rules h. Submit any recommenda-
c. Verify the accreditation status applying to foreign operators in
of the cybersecurity profession- this category.
To apply for a
als employed.
d. Confirm their business regis- The CSA therefore wields power
tration.
e. Confirm their tax registration
to notify applicants of its deci-
sion to accredit within 30 days license, an indi-
and clearance, and
f. Demonstrate their willingness
of receipt of a complete applica-
tion. Licenses are valid for 2 vidual seeking
to provide insurance coverage
for potential losses.
years and can be renewed.
to provide cy-
Upon receiving a complete
3. Accreditation of Cyber-
security Professionals
bersecurity ser-
application, the CSA will notify
the applicants of its decision to This category of licensing is for
vices must
issue a license within 30 days. individual cybersecurity profes- submit a writ-
The issued licenses are valid for sionals (CPs). The CSA defines
a duration of 2 years. them as persons accredited ten application
under the Cybersecurity Act to
2. Accreditation of Cyber- “perform a cybersecurity-relat- to the Authori-
security Establishments ed professional function.” Local
(Ghanaian) applicants can gain ty.
This category applies to new this accreditation/obtain this

tions from previous employers.
The CSA will notify applicants of
tion of an offense, bankruptcy,
failure to meet the require-
The Cyber Securi-
its approval within 30 days of ments, or if it is not in the public ty Authority has
receipt of a complete applica- interest for the licensee to con-
tion. This Cybersecurity Profes- tinue operating. The revocation the power to sus-
sional License is valid for 2 years
and can be renewed.
process follows similar proce-
dures as the suspension. The
pend a license for
revocation of a license will be a maximum
published in the Gazette.
period of six (6)
SUSPENSION AND REVOCA-
TION OF LICENSE months if the
The Cyber Security Authority
INITIATIVES TO COMBAT
CYBERCRIMES IN GHANA
licensee fails to
has the power to suspend a renew the license
license for a maximum period of Ghana has launched several
six (6) months if the licensee programs and policies in addi- or breaches any
fails to renew the license or
breaches any specified condi-
tion to the Cybersecurity Act to
tackle cybercrime including the
specified condi-
tions. Before the suspension, enactment of the Electronic tions.
the Authority must provide the Transactions Act, providing for
licensee with a written notice, offenses related to cybercrime, ration.
stating the grounds for the including unauthorized access
intended suspension. The to computer systems and data, Further, Ghana has created the
licensee is given the opportuni- etc. Additionally, the Electronic Cybercrime Unit under the
ty to respond and rectify the Transactions Act grants legal Ghana Police Service's Criminal
breach within the specified recognition for electronic trans- Investigation Department (CID)
time. Failure of which the cyber- actions. to investigate and prosecute
security service provider will be offenses relating to the illegal
notified of the suspension. There has also been introduced use of the internet. To effectively
the National Cyber Security combat cybercrime, the unit
In other circumstances, the Policy and Strategy, which has been collaborating closely
Authority may completely provides a thorough framework with other law enforcement
revoke a license. These circum- for tackling cybersecurity issues. organizations and foreign part-
stances include obtaining the To effectively tackle cyber ners in its bid to curb the
license through fraud or threats, the policy focuses on increasing menace of interest
misrepresentation, cessation of raising cybersecurity awareness, fraud.
the licensed business, convic- developing capacity, and
bolstering stakeholder collabo- Also, to create a workforce with
the necessary skills to combat
cyber threats, the government
has invested in cybersecurity
education and training initia-
tives. The National Cyber Securi-
ty Awareness Month and cyber-
security workshops are two
examples of initiatives that are
aimed at educating the general
public about cyber risks and
best practices for staying safe
online.
In general, these initiatives

among others are testaments of
Ghana’s dedication to defend-
ing its digital infrastructure and
shielding its people from online
dangers.

EMERGING PRODUCTS AND
BUSINESS MODELS
05

COMPLIANCE-AS-A-SERVICE
The ever-changing regulatory approach to ensure businesses service. The system is typically
environment has grown more meet regulatory standards. implemented within a private
complex and demanding for cloud, ensuring that data
companies to navigate and It includes everything ranging remains under the secure con-
comply with non-compliance from evaluating risks to estab- trol of a single entity and trans-
bringing about severe conse- lishing policies and ensuring actions are audited for
quences, including fines and businesses operate within legal enhanced security.
reputational damage. parameters offering a cost-ef-
fective, scalable solution to Compliance-as-a-Service, a
In response, the Compli- regulatory compliance, making component of Business Process
ance-as-a-Service (CaaS) model it a key tool for businesses to as a Service (BPaaS), integrates
has surfaced as a beneficial navigate the ever-growing software, shared services, and
solution for organizations regulatory compliance land- proven frameworks to guide
aiming to uphold regulatory scape with confidence. enterprises through the frame-
compliance and reduce risk. As work of regulatory adherence.
an increasing number of organi-
zations adopt CaaS solutions to CaaS are designed based on the
handle their compliance needs, HOW COMPLIANCE-AS-A-SER- unique compliance require-
understanding the intricacies of VICE WORKS ments of a business, consider-
this business model has ing industry-specific compli-
become essential for maintain- Today, as businesses are grap- ance demands and regulations.
ing a strong compliance pling with the ever-expanding This enables CaaS providers to
posture and mitigating risks in a regulatory landscape, Compli- tailor a compliance program
modern regulatory environ- ance-as-a-Service (CaaS) is that is aligned with the goals
ment. emerging as a lifeline, stream- and regulatory obligations of a
lining regulatory adherence, business and updated in
“Compliance-as-a-Ser vice and helping companies meet response to evolving regula-
(CaaS)” is a model that involves their compliance responsibili- tions.
service providers giving client ties through the use of technol-
organizations the means to ogy, expertise, and an under-
access managed services, tools, standing of the local regulatory As regulatory dynamics
and expertise to assist them in regime. persistently transform, the
maintaining compliance stan- demand for CaaS is poised to
dards and lowering risks. It com- Despite the substantial respon- grow, presenting businesses
bines technology, expertise, and sibilities involved, CaaS serves as with a practical solution to navi-
services, providing a tailored a valuable and controllable gating the regulatory compli-
ance hurdles.

KEY COMPONENTS IN A COM- policies.
PLIANCE-AS-A-SERVICE CaaS are de-
OFFERING Together, these components
form a cohesive strategy for signed based
In every Compliance-as-a-Ser-
vice (CaaS) system, there are
regulatory compliance, mitigat-
ing the risk of non-compliance on the unique
several key components, each
playing a crucial role in uphold-
and allowing businesses to
channel their efforts toward
compliance re-
ing regulatory compliance: core operations.
quirements of a
1. Compliance Manage-
ment: This involves the develop-
Other major services that are
additionally provided in a CaaS
business, con-
ment and execution of a com-
prehensive compliance
include the following: sidering indus-
program tailored to meet the a. Database access control try-specific
specific regulatory require- b. Separation of duties
ments of a business. c. Application manage- compliance de-
ment
2. Risk Assessment: CaaS d. Change control mands and reg-
providers regularly conduct risk e. Data discovery
assessments to pinpoint poten- f. Data masking ulations
tial compliance risks and devise g. Incident response
effective mitigation strategies. h. Real-time data protec-
tion include:
3. Audit Management: i. Repair of vulnerabilities
This encompasses the oversight j. Personnel training 1. Reduced Costs: CaaS
of both internal and external k. Service configuration providers aid organizations in
audits to ensure steadfast reducing costs by diminishing
adherence to regulatory stan- the necessity for internal com-
dards. pliance teams and resources.
ADVANTAGES OF COMPLI- Outsourcing compliance duties
4. Policy Management: ANCE-AS-A-SERVICE to a specialized provider is nota-
CaaS providers extend support bly more budget-friendly,
in formulating, implementing, CaaS business models offer particularly for small to medi-
and overseeing compliance several benefits some of which um-sized enterprises. This move
eliminates the need for exten-
sive internal research and
implementation of compliance
processes, freeing up time and
resources for core business
activities while experts handle
compliance management.
2. Enhanced Security:
Many CaaS providers extend
cybersecurity services, fortifying
an organization's defense
systems and safeguarding
sensitive data.
3. Scaling: With organiza-

tional growth or market expan-
sions, CaaS providers assist in
scaling compliance efforts
accordingly. This ensures con-
sistent compliance across all
business operations, regardless
of the scale or complexity.
4. Specialized Expertise:

CaaS providers typically employ LIMITATIONS OF COMPLI- BUSINESSES THAT COULD USE
seasoned compliance special- ANCE-AS-A-SERVICE CaaS
ists who stay updated with the
latest regulations and best prac- While Compliance-as-a-Service Numerous businesses stand to
tices. Organizations benefit (CaaS) offers significant advan- gain from adopting a Compli-
from the provider’s expert tages, there are several draw- ance-as-a-Service (CaaS) model,
knowledge to maintain compli- backs and obstacles organiza- especially those facing regula-
ance even in the face of chang- tions need to take into account tory demands or operating
ing regulations. when considering this model: within sectors where compli-
ance holds utmost significance.
5. Risk Mitigation: CaaS 1. Overdependence on
providers play a key role in iden- Providers: Organizations using Any organization that contends
tifying and rectifying possible CaaS may become overly with regulatory requirements or
compliance gaps, and curbing dependent on their chosen functions in a regulated indus-
the risk of fines, legal disputes, service provider. Downtime or try ought to explore the bene-
or damage to reputation due to issues with the provider can fits of the CaaS model. However,
non-compliance. This aids busi- directly impact the organiza- it is crucial for each organization
nesses in managing their risk tion’s compliance status and to meticulously evaluate its
exposure effectively. overall functioning. Additionally, distinct compliance needs and
transitioning between providers confirm that a chosen CaaS
6. Tailored Support: CaaS may require careful planning provider can effectively meet
providers can customize their and effort. those specific requirements.
services to meet each organiza-
tion’s individual needs, ensuring 2. Integration Hurdles: Various businesses are well-suit-
they receive the right level of Integrating solutions from CaaS ed for the CaaS model, includ-
assistance and guidance con- providers could demand addi- ing:
cerning their specific compli- tional time and resources, espe-
ance requirements. cially when aligning with the 1. Financial Institutions:
organization's existing systems Entities such as banks, invest-
and tools. ment firms, and credit unions
are heavily governed by regula-
As regulatory 3. Variability in Provider
Quality: The effectiveness of a
tions like Anti-Money Launder-
ing (AML) rules and Know Your
dynamics per- CaaS solution hinges on the
expertise and quality of the
Customer (KYC) requirements.
CaaS is invaluable in helping
sistently trans- chosen provider. Not all CaaS
providers offer the same levels
these entities maintain compli-
ance while relieving internal
form, the of support and guidance. resource pressures.
demand for 4. Regulatory Changes:
CaaS is poised
CaaS providers must constantly
stay updated with evolving It's essential to
to grow, pre-
regulations. Ensuring
providers keep pace with new
that
choose a trust-
senting busi- and changing regulations is
crucial to avoid compliance worthy, experi-
nesses with a issues for the organization.
enced, and de-
practical solu- Organizations should conduct
in-depth research when select- pendable part-
tion to navigating a CaaS provider to overcome
these challenges. It's essential ner to meet
ing the regula- to choose a trustworthy, experi-
enced, and dependable partner the compli-
tory compliance to meet the compliance
requirements effectively. ance require-
hurdles. ments effec-
tively.

2. Healthcare Organiza- energy sector must adhere to CaaS witnessed a reduction in
tions: Hospitals, clinics, and environmental, health and compliance risk by as much as
other healthcare providers must safety, and cybersecurity regula- 60%.
comply with stringent regulations. CaaS providers offer
tions. CaaS providers offer essential assistance in handling The significance of CaaS is
crucial support in safeguarding these regulatory obligations. projected to amplify, propelled
patient data and ensuring by anticipated market trends
adherence to privacy and secu- 6. Startups and Small and the continuously evolving
rity standards. Businesses: Smaller businesses regulatory sphere. Businesses
and firms might require addi- must regard CaaS as a pivotal
3. eCommerce and Retail tional resources or expertise to element in their compliance
Businesses: Entities processing manage compliance internally. strategy. It offers a means for
payments, storing customer CaaS presents an affordable companies to meet existing
data, or functioning online must solution for maintaining com- compliance prerequisites more
comply with data privacy and pliance while enabling them to efficiently and prepares them
protection regulatory demands. concentrate on business expan- for the future by providing a
CaaS providers help these busi- sion. versatile, adaptable solution
nesses ensure compliance with that can accommodate evolv-
payment processing and data ing regulations.
protection standards.
In summary, CaaS serves as a
4. Data-Centric IT Compa- CONCLUSION substantial leap in how busi-
nies: Tech firms managing nesses handle regulatory com-
sensitive customer data or oper- Compliance-as-a-Service (CaaS) pliance. By embracing CaaS,
ating in regulated industries has emerged as an essential companies can effectively navi-
must comply with data protec- solution for businesses maneu- gate today’s ever-growing
tion and privacy regulations, vering through the evolving regulatory demands and brace
and other regional and indus- regulatory environment. Func- themselves for the challenges
try-specific norms. CaaS tioning as a cloud-based of tomorrow.
services can assist these entities approach to regulatory adher-
in managing their compliance ence, CaaS brings forth advan-
requirements. tages like cost efficiency, scal-
ability, and access to expert
5. Energy and Utility Enti- guidance. According to a PwC
ties: Organizations in the analysis, businesses leveraging

HEALTH-TECH REMITTANCE - COMESO
COMESO, an innovative digital es, ensuring that the financial borders. It ensures that funds
platform developed by Glory- aid sent abroad is dedicated designated for healthcare
HealthCare, is reshaping health- exclusively to the healthcare purposes are secure and direct-
care accessibility by promoting needs of the recipients. ed toward their intended use.
financial inclusion. The platform For families in Germany and the
is driven by a mission to save Employing cutting-edge tech- Ghanaian diaspora, COMESO
lives through enhanced access nology, COMESO prioritizes the stands as an innovation in
to healthcare services. security and protection of all remittance services in the
transactions. Its user-friendly health sector.
COMESO, which is an acronym interface facilitates easy access
for “COmmitment for a MEdical and management of medical COMESO therefore represents a
SOlution”, is specifically funding for loved ones residing transformative solution within
designed to tackle the issue of in different geographical loca- the healthcare sector, fostering
providing medical care for tions. Transparency is a access to healthcare through
people who live far away from hallmark feature of the plat- the prism of financial inclusion.
their families. It ensures the form, offering users a clear over- It stands as a testament to
secure, accessible, and trans- view of their healthcare-related GloryHealthCare’s unwavering
parent facilitation of health-re- expenses. commitment to prioritizing
lated financial transactions. health for all, irrespective of
The utilization of COMESO is a their geographical location.
In regions where medical assis- straightforward process. Typi-
tance and insurance can be cally, users register and add
prohibitively expensive, health- funds to their accounts, subse-
care payments are crucial for quently transferring health
many families. COMESO credits to their intended recipi-
addresses this by allowing send- ents. These credits can then be
ers to guarantee that the finan- utilized to settle medical service
cial support sent for health-re- bills at authorized healthcare
lated reasons is utilized for facilities.
prescribed medicines and
healthcare expenses. This is Beyond being a mere platform,
achieved by earmarking credits COMESO serves as a vital link
specifically for medical purpos- connecting people across

TRENDS AND
INNOVATION
06

BNPL SNBL
BUY NOW PAY LATER (BNPL) AND

SAVE NOW BUY LATER (SNBL)
BUY NOW PAY finance. This model enables

users to make immediate
HOW THE
WORKS
BNPL MODEL
LATER purchases and defer

payment over a predetermined
the
Selecting BNPL as a payment
period, often in the form of option - when purchasing from
interest-free installment plans. a retailer that supports BNPL,
customers can opt for BNPL as a
Buy now, pay later (BNPL) is a payment method. The BNPL
BNPL widely
method,
adopted
especially
payment
younger shoppers who value

among
provider settles the full amount,
and the customer reimburses
them, usually through inter-
convenience, flexibility, and est-free installments over a brief
affordability. The global BNPL fixed payment period.
market was projected to reach
$100 billion in transaction value Making a Down Payment - If
in 2023, according to Juniper approved, customers make a
Research. With the ability to small down payment, such as
Buy Now Pay Later is a consum customize payment schedules, 25% of the overall purchase
er financing model that enables choose interest-free install- amount. They then pay off the
individuals to make purchases ments, and seamlessly integrate remaining amount in a series of
and defer payments to a later with various shopping plat- interest-free installments,
date. Unlike traditional credit forms, consumers experience a usually over a few weeks or
cards or loans, BNPL services newfound sense of financial months.
often do not involve interest empowerment.
charges if the payment is made Automatic Deductions -
within a specified period, typi- However, this flexibility has payments can be automatically
cally ranging from a few weeks critics concerned about the deducted from a debit card,
to a few months. This flexibility potential for BNPL to encourage bank account, or credit card.
has resonated with consumers impulsive spending habits and Some BNPL providers may
who seek more control over accumulate debt. Regulatory enforce autopay.
their cash flow without the bodies are closely examining
burden of long-term debt. At its issues related to consumer No Interest Charges - BNPL
core, BNPL is a testament to the protection, data security, and apps usually do not charge
evolution of consumer-centric the fairness of lending practices. interest or fees, and they have a

fixed repayment schedule. es instead of using credit. SNBL both parties, with merchants
unlike credit cards, BNPL typi- platforms partner with mer- making sales and customers
cally does not charge interest or chants to offer rewards when obtaining what they want with-
fees, and it adheres to a fixed customers reach their savings out incurring debt.
repayment schedule. goals, promoting financial
responsibility. SNBL potentially
Credit Scoring - BNPL services benefits consumers, merchants,
rely on smart algorithms to eval- and brands by fostering loyalty, CONCLUSION
uate risk, enabling quick and reducing cart abandonment,
smooth approval processes. and attracting new customers The emergence of “Buy Now
When an individual applies for seeking alternative payment Pay Later” (BNPL) and “Save
BNPL credit, most services methods. Now Buy Later” (SNBL)
usually perform soft credit payment models represent a
checks, which help to deter- Importantly, SNBL offers several paradigm shift in consumer
mine the individual’s creditwor- advantages over BNPL includ- finance, providing individuals
thiness. BNPL services often ing avoiding debt and interest with more options to manage
make instant approval decisions by paying upfront for purchas- their money effectively. These
based on minimal credit checks es; helping consumers achieve fintech innovations empower
or sometimes without any savings goals faster with incen- users to make purchases on
credit checks at all. However, tives and gamification; facilitat- their terms, whether by defer-
over time, BNPL services will ing the growth of savings by ring payments for immediate
provide credit agencies with investing in financial products needs or cultivating a savings
information on payments and and providing access to better habit for future desires. As these
missed payments. Hence, if deals and offers from partner models continue to evolve, their
payments are overdue or not merchants. impact on the financial land-
made at all, an individual's scape is likely to shape new
credit score can be affected. attitudes toward spending,
saving, and financial well-being.
HOW “SAVE NOW BUY LATER”
WORKS
Setting a Goal - here, users can

SAVE NOW BUY set specific objectives for their The emergence
LATER (SNBL)
savings, visualizing progress,
and staying motivated. Goals of “Buy Now Pay
are often related to products or
significant purchases, with a set
Later” (BNPL)
value and deadline. and “Save Now
Buy Later”
SNBL
Creating a Savings Schedule -
SNBL apps break down a user's
savings schedule into equal (SNBL) payment
parts until the purchase dead-
line. Users plan to deposit fixed models repre-
amounts monthly or fortnightly.
sent a paradigm
Saving Consistently - users save
consistently to reach their
shift in consum-
Save Now Buy Later (SNBL)
desired goals, supported by er finance, pro-
SNBL apps.
combines saving, spending, and
investing in a single platform. It
viding individu-
allows consumers to set aside
money regularly for specific
Incentivizing Saving - SNBL
apps employ features to help als with more
purchases while earning
users reach savings goals effec-
tively, discouraging spending
options to
rewards such as discounts,
cashbacks, market returns, and
elsewhere. manage their
brand co-investments.
Partnering with Retailers - some money effective-
SNBL apps partner with retail-
SNBL aims to leverage the exist-
ing trend of saving for purchas-
ers, linking user savings directly ly.
to the retail store. This benefits

PERSONALIZED CONTENT CREATION AND
MONETIZATION IN WEB 3.0
Alphabet (the parent company Web3 is not merely a substitute DISTRIBUTION OF CONTENT
of Google) generated a signifi- for Web2. In the current Web2
cant portion of its revenue, system, user-generated content Web3 technologies have revolu-
approximately 80%, through typically remains the property tionized content sharing, intro-
web-based advertisements, of the platform hosting it. How- ducing efficient peer-to-peer
while Meta generated about ever, Web3 envisions significant (P2P) networks through plat-
98% of its income through ad elements such as decentralized forms like InterPlanetary File
placements last year. These tech content, AI support, and the System (IPFS) and Filecoin. For
giants collectively contributed metaverse. This new framework example, IPFS draws over 13
to 64% of all digital ad spending will embrace open-source solu- million active users monthly,
in the United States in 2021. tions, applications directly offering decentralized file stor-
owned by their developers, and age and bypassing centralized
Emerging strongly is the discus- a structure devoid of intermedi- servers for better content distri-
sion of a potential shift in this aries. bution.
monopolistic business model
due to Web3, prompting con- Web3 introduces a paradigm Decentralized platforms offer
versations about the emer- where content is not just static creators the ability to share con-
gence of a "new web”. Web3 has information but a dynamic, tent without fear of censorship,
the potential to serve as an personalized experience. This is hosting over 400,000 websites
underlying structure that can achieved through innovative on IPFS. Leveraging blockchain
facilitate the introduction of technologies like AI-driven algo- technology, these platforms
innovative tools, products, and rithms, machine learning, and give creators greater control
diverse methods of generating decentralized applications over their work, ensuring con-
revenue within the tech indus- (dApps). tent reaches audiences without
try, including the advertisement unnecessary restrictions.
and monetization of content in By collecting and analyzing user
the hands of users. data securely stored on decen- Web3 employs decentralized
tralized ledgers, these systems algorithms and user-generated
There is speculation as to create custom-tailored content metadata, enhancing content
whether the changes will genu- for individual users. From web discovery and recommenda-
inely revolutionize the digital design, articles, and videos to tion systems. These systems
landscape or merely present a social media feeds, every boast of a 20% higher
rebranding of existing concepts element adapts to user prefer- click-through rate compared to
in a new format. ences, behavior, and interests. centralized platforms, providing
personalized content recom-

specific conditions are fulfilled,
eradicating middlemen and
delays in payment.
Creators now have the liberty to

design their payment struc-
tures, establish their business
models, and engage directly
with their audience. The shift to
Web3 holds significant promise
in enabling creators worldwide
to earn more swiftly and gain
greater autonomy, fostering a
more sustainable and empow-
ering environment for content
producers.
USER EMPOWERMENT AND

PRIVACY UNDER WEB3
mendations while prioritizing Tokens (NFTs) to monetize their Web3 represents a transforma-
user privacy and control over content. NFTs can be linked to tive shift for creators and users,
their data. content allowing creators to sell offering a sense of empower-
unique pieces of digital work in ment and bolstered privacy.
The decentralized nature of ways previously impossible. The
Web3 not only bolsters efficient introduction of NFTs means Unlike the current Web2 land-
content distribution but also that creators can sell the same scape, where platforms
empowers creators and users piece of content multiple times, frequently exploit user data for
with greater content control. or even sell fractional ownership tailored ads, Web3 promises a
The ongoing growth of Web3 of it. user-focused system, giving
platforms and decentralized file individuals control over their
storage systems promises Furthermore, through smart data. Users can now choose
further innovations in content contracts, creators can distrib- whether to share their data and,
sharing and discovery. ute unique content, and digital should they decide to do so, can
collectibles, or access exclusive also benefit from it financially.
direct experiences with their
audience, eliminating the need
OWNERSHIP AND MONETIZA- for intermediaries and provid-
TION ing creators with more control
Monetization within Web3 is

and revenue. Web3 intro-
equally transformative. Tradi-
tionally, content creators relied
duces a para-
on ad revenue or subscription
models, often controlled by IMMEDIATE PAYMENT OPPOR-
digm where
intermediaries. In Web3, the
introduction of blockchain and
TUNITIES WITH SMART CON-
TRACTS
content is not
smart contracts has revolution-
ized monetization methods. In the age of Web3, creators no
just static in-
This change introduces a
profound shift in power dynam-
longer have to wait for periodic
paychecks or depend on adver-
formation but
ics within the digital space,
paving the way for creators to
tisers for income. Smart con-
tracts have revolutionized
a dynamic, per-
take control of their creative
output.
payment methods, allowing
creators to receive instant com-
sonalized ex-
Creators can directly engage
pensation for the use of their
content. Leveraging blockchain
perience.
with their audience, leveraging technology, these contracts
tokenization and Non-Fungible operate autonomously when

Beyond this enhanced control
over personal data, Web3 shows
all kinds, irrespective of their
popularity or niche status.
Recent reports
the potential to fortify user show a signifi-
privacy. With features like data Decentralized social platforms
decentralization and encryp- also promise better visibility for cant 40% rise in
tion, users now can keep their creators. By sidestepping plat-
personal information secure. form-imposed rules, content microtransaction
This focus on user privacy
stands as a notable advance-
value is gauged by the commu-
nity itself, fostering an environ-
adoption on
ment from the privacy breaches ment where engagement and media platforms,
and data misuse common in feedback determine content
the Web2 era. recognition and rewards more signaling both
equitably.
creators and con-
Moreover, the decentralized sumers recognize
DECENTRALIZATION OF approach enables AI technolo-
SOCIAL MEDIA gies to enhance the user experi- the value and
The current landscape of social
ence. Rather than controlling
content visibility, AI can curate
convenience this
media platforms is rife with more personalized feeds for method offers in
challenges such as oversatura- users. This tech can also create
tion, biased algorithms, and new revenue channels, such as monetization.
limited visibility for content ethical and precise ad targeting
creators. The present model based on user-consented data
often favors mainstream con- sharing.
tent, leaving newer or special- subscription fee or make a large
ized creators struggling to reach upfront purchase, microtrans-
their audience or gain attention. actions offer a granular
THE INTRODUCTION OF payment structure.
In response to these issues, MICROTRANSACTIONS
Web3 introduces decentralized This tailored approach offers a
social media as a solution. This Microtransactions are reshap- more personalized experience,
framework moves away from ing how content creators earn giving users more control over
the centralized platform model, revenue and how consumers their spending and supporting
shifting towards a peer-to-peer access premium content or content aligned with their inter-
network that distributes con- specific features. Unlike tradi- ests. This flexibility leads to
tent more equitably, offering a tional payment models that increased engagement, encour-
fairer playing field for creators of require users to pay a fixed aging users to explore a broader
range of offerings and benefits
content creators, who can mon-
etize their work more individu-
ally.
Recent reports show a signifi-

cant 40% rise in microtransac-
tion adoption on media plat-
forms, signaling both creators
and consumers recognize the
value and convenience this
method offers in monetization.
Microtransactions offer access

to new markets that traditional
payment models might miss.
The pay-as-you-go structure
breaks down the barrier of high
initial costs or subscription fees,
making premium content
accessible to users on limited
budgets or hesitant about
long-term subscriptions. This

approach widens the audience the tech stack should be consid- cated community and driving
for content creators, creating ered. growth.
additional revenue streams that 2. Embrace Decentraliza-
might have been missed with- tion: Traditionally in Web2 busi-
out this payment model. ness strategies, and customers
were the primary focus of mar- CONCLUSION
keting efforts. However, in
Web3, equal importance is Web3 is reshaping the media
HOW BUSINESSES CAN placed on the team, product and entertainment industries
LEVERAGE THE EMERGENCE developers, investors, and part- by redefining monetization
OF WEB3 ners. For Web3 startups, the models. The potential is
community roles are as signifi- immense, with decentralized
The following essential tips are cant as traditional sales and advertising, microtransactions,
recommended for companies marketing efforts. and tokenization of content
to keep in mind as they navigate offering exciting opportunities
this new frontier: 3. Motivate Your Audi- for content creators and con-
ence: Rather than pouring large sumers. As we navigate this new
1. Have a Clearly Defined budgets into conventional mar- era of revenue generation,
Goal: In the Web3 space, the keting strategies, Web3 teams stakeholders need to embrace
focus is on community-driven can entice initial users by offer- the power of Web3 and leverage
products. Although technologi- ing tokens and follow-up reward its transformative capabilities to
cal development remains vital, systems. These incentives orchestrate success in the
emphasizing a solid community encourage the community to media landscape.
is equally crucial. Prioritizing attract more users and generate
community development over higher interest in the product.
Creating a strong incentive
system helps in fostering a dedi-

TECHNOLOGY TRENDS TO WATCH IN 2024
A. AI and ML: Innovation across and the introduction of custom- F. Internet of Things (IoT):
various sectors is being driven er portals are expected to Anticipated developments in
by AI and ML. Noteworthy become prevalent as regulatory IoT include increased adoption
trends include the emergence guidelines for service providers of edge computing, the growth
of Generative AI contributing to are rolled out. of white-label IoT platforms,
the creation of multimodal AI integration of AI and Machine
models capable of processing D. Regulatory Technology Learning, and the expanding
diverse data types. Additionally, (RegTech): RegTech is projected scope of IoT platforms in indus-
advancements in deep learning to undergo significant evolution trial applications.
and neural networks are on the in Ghana and globally. The
rise. The use of AI-driven plat- increased adoption and scaling G. Buy Now Pay Later (BNPL):
forms is expected to improve of AI in regulatory intelligence The BNPL market is set for
data security, while the use of are expected to enhance regu- substantial growth, particularly
synthetic data, generated by AI latory processes. Prominent with increased adoption and
for training machine learning features include autonomous use of e-commerce platforms.
models, is anticipated to see delivery and a data-first The flexibility of this model will
substantial growth. approach in process intelli- lead to increased integration by
gence, providing exciting businesses into their payment
B. Blockchain: The technology opportunities for regulatory software, enhancing their prod-
is experiencing increased adop- professionals. The regulatory ucts and service offerings.
tion and exploration by busi- compliance landscape will
nesses, leading to transforma- evolve in tandem with changes H. AR, VR & MR: Rapid growth
tive changes in the financial in business and regulatory envi- is expected in immersive tech-
landscape. This includes a rise in ronments. nologies. AR is becoming more
asset tokenization and the prev- accessible and popular in
alence of digital transactions. E. Sustainable Technology: various industries and govern-
Key trends will include the Crucial in designing tailored ment organizations. MR, a com-
adoption of central bank digital solutions, sustainable technolo- bination of VR and AR, offers
currencies (CBDCs) and the gy plays a pivotal role in safe- sophisticated data processing.
integration of AI with block- guarding past and future The VR market is projected to
chain to enhance automated investments. It is expected to grow significantly due to tech-
processes. optimize energy consumption, nological advancements and
reduce waste, and promote increased adoption. The current
C. InsurTech: The insurance sustainable living. The integra- digital transformation initiatives
sector is poised for significant tion of advanced sustainable suggest a promising environ-
impacts from predictive analyt- solutions is crucial for efficiently ment for the adoption of these
ics and AI. Trends such as navigating environmental chal- technologies, gradually becom-
expanding self-service options lenges. ing integral to daily life.
for policyholders, the develop-
ment of custom insurance apps,

CONSUMER INSIGHTS –
WHAT CONSUMERS NEED
TO KNOW
07

“CONSUMER CENTRICITY” AND “CONSENT”
– PROTECTING CONSUMERS IN THE NEW
TECHNOLOGICAL ERA
Ordinarily, no business or enter- The concept of “consumer consumer centricity must
prise should be told or be centricity” requires developers ensure user experiences are
encouraged to put the “con- and promoters of new products consistently enhanced in a
sumer first” in all it does. This is or services to prioritize and put secure and user-friendly
because typically, each business the ultimate interest of intend- manner over the product or
exists to serve a consumer need ed users at the core of any service use period.
presupposing the primary con- development and deployment
sideration of the interest(s) of phase of their innovations. It Today, the need to be deliberate
the consumer in any develop- requires ticking the box on all about consumer needs is grow-
ment of products or services. checklists that promote ethical ing due to the increasing devel-
and responsible design, testing, opment of new technologies,
However, the lack of attention and use of developed products the fast-paced transition from
demonstrated by many busi- or services and seeking to offline to online, and the grow-
nesses over the years to the ensure the consumer is not ing list of associated risks –
needs of consumers and largely, exposed but protected on all taking control of consumer data
the declining customer service fronts. and use cases to new levels.
experiences, etc. are compelling
the emergence of a spirited The promotion of the consumer With limited consumer influ-
advocacy to get businesses, interest may include ensuring ence on the development
service providers, and innova- an innovation serves a pain process of new innovations,
tors to put the consumer first in point; promotes the safe and innovators must ensure greater
their entrepreneurial pursuits – ethical use of technology; control is granted to consumers
consumer centricity. protects against breaches of at the deployment phase of
personal data supplied by their innovations. To achieve
This advocacy is timely due to end-users; prohibits the uncon- this, end users should always
the growing integration of tech- sented use of collected data; maintain the right to opt in, use,
nology into every sphere of the accommodates and incorpo- and out of innovations without
consumer’s life with exposure to rates consumer feedback into restrictions through consent.
inherent risks of breach of product or service upgrades
personal data, theft, and imper- among others. Due to the critical role of “con-
sonation, among others. sent” by consumers to their
Further, the commitment to participation in innovation

deployments, it has become targeted participant. sumers must ensure they are
imperative to enhance granting consent specifically for
onboarding, use, and exit To further enhance the consent the intended use only as same is
processes for consumers as a regime, innovators must seek to the only way to ensure innova-
way to achieve the freedom to simplify in plain language con- tors do not abuse collected data
join, use, and exit or opt out of sent processes that enable the for other unilateral use to the
innovations. consumer to opt in and permit detriment of the end-user.
the use of their data, experienc-
Consent expressed in any form es, and preferences as insights As a consumer your consent is
is central to the practical for their continued use of devel- your approval for the use of your
enforcement of the rights of oped innovations and upgrades. data and you must ensure you
end-users in this regard. understand the scope of the
Personal data should not be Nonetheless, consumer con- consent being sought by inno-
collected, processed, stored, or sent needs to be precise and vators before ticking, clicking,
used without the consent of the relative. No innovator should be and signing off in approval.
related person. Equally, partici- allowed to procure blanket con-
pation in innovations should not sent from consumers for the
be encouraged without the use of their data beyond the
express permission of the intended purposes. At best, con-

DATA PROVISION TO 3RD PARTIES AND
THE LEGAL REGIME
Within the current financial principles governing the collec- important for financial consum-
landscape characterized mainly tion and processing of personal ers to familiarize themselves
by digital transactions and tech- data. Personal data ordinarily with this legislation, under-
nological innovations, financial encompasses a broad range of standing the rights and obliga-
consumers across the globe an individual’s information, tions it confers upon both data
commonly deal with 3rd party including names, addresses, subjects and data controllers.
service providers to access a contact details, financial specif-
host of services. As this ics, and identification numbers. Underlying data protection are
exchange of personal and finan- The sensitivity of financial data, some principles governing the
cial information becomes com- including account details and collection, storage, and process-
monplace, it is imperative for transaction histories, necessi- ing of personal data by data
consumers to be well-informed tates a heightened awareness processors and or data control-
about the potential risks and of the potential consequences lers. These principles serve as
protective measures associated of unauthorized access. guide to data processors when
with sharing their data, espe- dealing with personal data
cially with 3rd party service collected from individuals for
providers. any purpose.
THE LEGAL FRAMEWORK
Ghana, recognizing the signifi-

UNDERSTANDING THE PER- cance of data protection, has
SONAL DATA REGIME enacted the Data Protection
Act, 2012 (Act 843), which serves
At the core of data protection as a regulatory framework
lies the need for an understand- governing the processing of
ing of personal data, and the personal data. It is therefore

Image 1.0. Principles governing Data Protection
Lawfulness of Accountability Specification of Quality of

processing purpose information
Compatibility
Openness Data security of further Data subject
safeguards processing participation
CONSIDERATIONS BEFORE guard sensitive financial infor- E. Incident Reporting: In the

PROVIDING PERSONAL DATA mation. unfortunate event of a data
breach, financial consumers
A. Purpose of data collection C. Scrutiny of Privacy Policies: have the right to be promptly
and compliance with regula- Consumers should carefully informed. It is essential to report
tions: At all material times, con- scrutinize the privacy policies of any suspicious activities or
sent by a data subject (consum- entities they engage with. unauthorized access to relevant
er) should be explicit and These policies elucidate how authorities. Continuous con-
informed, with consumers personal data is collected, sumer education is paramount,
understanding the purpose of processed, stored, and protect- enabling individuals to stay
the data collection and processed. Red flags may include vague informed about the latest
ing to appreciate the full scope or overly broad privacy policies, cybersecurity threats and best
of the use of such data by the as well as clauses allowing the practices for protecting person-
third party. A further step sharing of data with other enti- al data.
towards this will be the custom- ties without explicit consumer
er confirming that the 3rd party consent. Consumers should
service provider has procured a inquire about the third party's
data protection registration. data retention policies and CONCLUSION
Understand your rights regard- ensure they align with their
ing data access, correction, and expectations, and also clarify The onus is on consumers to
deletion. how long such data will be safeguard their personal and
stored. financial data when engaging
B. Basic due diligence: Before with third-party entities. By
engaging with third-party enti- D. Monitoring and Control: comprehending the legal
ties, consumers should conduct Proactive monitoring is crucial framework, critically assessing
due diligence to verify the repu- in the digital age. Financial con- third parties, and actively moni-
tation of these entities. Trust- sumers should conduct regular toring data usage through
worthy entities typically exhibit audits of permissions granted to privacy policies and control
transparency in their privacy third parties and promptly measures, consumers can navi-
policies and have robust securi- revoke access for entities that gate the digital landscape with
ty measures in place. The no longer require such informa- confidence. Empowered con-
assessment should extend to tion. Additionally, consumers sumers play a pivotal role in
scrutinizing the security proto- should be aware of their right to cultivating a secure and trust-
cols implemented by third request a copy of their data worthy digital ecosystem,
parties, such as encryption, from third parties and the abili- ensuring that the benefits of
secure transmission methods, ty to have same transferred to technological advancements
and authentication processes. It another service provider if are enjoyed without compro-
is important to understand the necessary. mising privacy and security.
security measures implement-
ed by the third party to safe-

INSIGHTS
08

THE BATTLE FOR ONLINE SAFETY –
THE ROLE OF TECHNOLOGY
The world is rapidly evolving harnessed to prevent, detect, Recent times have seen the
into a digitally interconnected and respond to cybercrime. nation grappling with a surge in
space, with cybercrime emerg- cyber threats and online
ing as a significant threat to attacks. The statistics indicate a
millions of online users world- significant rise in various types
wide including individuals, busi- THE STATE OF ONLINE SAFETY of cyber incidents, ranging from
nesses, and governments alike. individual-focused phishing
The once expansive digital In today’s digital age, Ghana, like attacks to complex cyber espio-
ecosystem, offering endless many other countries, is under- nage campaigns affecting both
explorative possibilities, has going a significant transforma- businesses and government
transformed into an arena tion in its use of technology. The entities. The National Cyberse-
where individuals, businesses, internet has become a vital part curity Advisor reported a total of
and governments are grappling of daily life for communication, 11,550 cybercrime cases since
with the complexities of safe- commerce, and education, the launch of the Cybercrime
guarding the virtual space. opening up numerous opportu- Incident Reporting Points of
nities but also introducing Contact (PoC) in October 2019.
Specifically, in today’s world substantial challenges when it This system was created to facil-
where we effortlessly surf the comes to online safety and itate the reporting of cyber-
web, carry out transactions, security. crime and cybersecurity
share personal experiences, and incidents by the public,
engage with a worldwide com- A noteworthy trend is the wide- strengthening the efforts of the
munity, the danger of cyber spread adoption of mobile tech- National Computer Emergency
threats has never been more nology, with a large portion of Response Team (CERT) operat-
prominent. To this end, the the population accessing the ing under the National Cyberse-
adoption of technology to internet through smartphones. curity Centre (NCSC).
combat cyber threats has However, this shift to mobile
become not only crucial but devices comes with increased Cyberfraud, such as credit card
imperative, as malicious actors risks related to mobile-centric fraud, identity fraud, or
continually exploit the vulnera- cyber threats, making it essen- romance fraud, remains the
bilities within digital systems tial to prioritize the security of most prevalent form of cyber-
and/or virtual spaces. these platforms and connected crime in Ghana. Perpetrators
devices to safeguard personal typically create fake online
The aim of this article is to and financial information. profiles or websites to deceive
explore how technology can be victims into sharing their

money or personal information. public on how to protect them-
Significantly, the financial selves online. Additionally, regu- The once expan-
sector has become a particular-
ly attractive target for hackers
lating agencies have imple-
mented regulations and rolled
sive digital ecosys-
who exploit vulnerabilities in out initiatives requiring busi- tem, offering end-
online banking systems. The
Bank of Ghana’s Fraud Report
nesses, particularly in critical
sectors like finance and health-
less explorative
for the year 2022 highlighted care, to adopt stringent cyber- possibilities, has
cyber email fraud as one of the security measures.
top five fraud categories signifi- transformed into
cantly impacting the banking
industry. Notably, this form of
an arena where
fraud resulted in losses of THE IMPACT OF CYBERCRIME individuals, busi-
GHC4.3 million in 2022 alone,
representing a 65.5% increase The repercussions of these
nesses, and gov-
from the previous year. cyber threats transcend the ernments are grap-
digital world and have tangible
Recognizing the severity of impacts on individuals, busi- pling with the
cybercrime, the government
has taken a proactive approach,
nesses, and the nation’s econo-
my. Discussed below are some
complexities of
working in collaboration with of these impacts: safeguarding the
the Cybersecurity Authority and
related institutions such as the A. Individuals: For individuals,
virtual space.
Bank of Ghana and the Securi- cybercrimes like phishing, iden-
ties and Exchange Commission tity theft, and online fraud pose
to address concerns related to significant financial risks, lead- theft is particularly devastating,
online safety. Several initiatives ing to unauthorized bank trans- resulting in long-lasting
have been launched to raise actions, stolen credit card infor- damage to one's credit, reputa-
awareness among citizens mation, and fraudulent charges. tion, and overall well-being. The
about the importance of cyber- Furthermore, these digital psychological toll of such crimes
security. Prominent efforts invaders can breach personal is profound, inducing stress,
include the National Cyber privacy by accessing sensitive anxiety, and a sense of helpless-
Security Awareness Month and information, emails, and docu- ness.
the Child Online Protection ments, causing emotional and
Portal, designed to educate the psychological distress. Identity Moreover, there is a growing
awareness of the internet's
threats to children and young
people, who are exposed to
various risks such as sexual and
violent content, cyberbullying,
harassment, hate speech,
online grooming for illicit activi-
ties, and more. These online
experiences can harm children's
self-esteem, psychological
well-being, and personal devel-
opment, leaving them vulnera-
ble to physical harm, exploita-
tion, and abuse.
B. Businesses: Businesses face

their own set of challenges,
including financial losses,
damage to their reputation, and
potential legal consequences. In
our interconnected global econ-
omy, a cyber incident affecting
one entity can trigger a domino
effect impacting others. Cyber-
attacks on businesses result in
substantial financial losses,

A. Advanced Security Systems:
One of the primary functions of
technology in combating cyber-
crime is the development and
implementation of advanced
threat detection systems.
Machine learning algorithms,
artificial intelligence (AI), and
behavioral analytics play pivotal
roles in identifying abnormal
patterns and potential security
breaches. These systems contin-
uously evolve, learning from
new threats and adapting to
changing attack vectors to
detect even the most subtle
indicators of malicious activity.
By automating threat identifi-
cation, these systems offer a
proactive defense, allowing
organizations to stay one step
ahead of cyber adversaries.
B. Encryption Protocols: With

data as the new currency in this
including costs related to entities can threaten national digital age, encryption protocols
breach investigation, data security by compromising act as secure vaults, protecting
recovery, customer compensa- sensitive data and systems, sensitive information. Tools
tion, and legal proceedings. including critical infrastructure such as end-to-end encryption,
Such attacks tarnish a busi- like power grids, water systems, secure sockets layer (SSL), and
ness's reputation, eroding telecommunications networks, virtual private networks (VPNs)
customer trust and loyalty, often and government institutions. play a crucial role in safeguard-
making it challenging to recov- ing sensitive data during its
er. Cybercrime carries the potential transfer. These protocols make
to disrupt the country's econo- any intercepted data worthless
Ransomware attacks and other my by impacting critical infra-
cybercrimes disrupt business structure, causing financial
operations, leading to lost reve- losses, and deterring foreign
nue, decreased productivity, investment. Government agen- Cybercrime car-
and even the closure of smaller cies must allocate substantial
enterprises - some are unable to resources to address cyber ries the poten-
bounce back from the disrup-
tion. Additionally, businesses
defense and recovery, diverting
funds from other essential tial to disrupt
may face legal ramifications
and regulatory fines for failing
public services. Intellectual
property theft is also a concern,
the country's
to adequately protect customer undermining the nation's com- economy by im-
data, further escalating the petitive advantage and innova-
financial impact. tion. Government agencies play pacting critical
a pivotal role in responding to
C. National Economy: A coun- and preventing cybercrimes, infrastructure,
try like Ghana relies heavily on
the Internet across various
necessitating considerable
resources for law enforcement causing finan-
sectors such as education,
healthcare, agriculture, finance,
and national defense, which can
have ripple effects on other
cial losses, and
tourism, trade, and governance. crucial public services. deterring for-
Nevertheless, the absence of
robust online safety measures eign invest-
can jeopardize the growth
potential, competitiveness, and THE ROLE OF TECHNOLOGY IN ment.
resilience of these sectors. COMBATING CYBERCRIME
Cyberattacks on government

to cybercriminals, guaranteeing tools, assist law enforcement and ransomware. Through rein-
the confidentiality and integrity agencies in tracing cybercrimi- forcement of each device, enti-
of information during both nals and building legal cases ties can construct an impene-
transmission and storage. As against them. trable security system, effective-
these communication channels ly deterring threats attempting
become increasingly secure, the E. Blockchain Technology: The to breach their networks, ensur-
likelihood of interception and decentralized and impermeable ing a secure digital environ-
unauthorized access diminish- nature of blockchain technolo- ment, and granting organiza-
es. gy can be leveraged to boost tions the confidence to operate
cybersecurity. Block- amid the evolving space of
C. Biometric Authentication chain-based systems provide a cyber threats.
and Access Controls: To count- secure transactional framework
er the rising threat of identity and can be employed in secur-
theft and unauthorized access, ing critical infrastructure,
technology has embraced supply chains, and financial CONCLUSION
biometric authentication meth- transactions. The immutability
ods. Fingerprints, facial recogni- of blockchain records adds an As our reliance on digital infra-
tion, and iris scans provide a extra layer of protection against structure continues to grow, the
higher level of security com- data manipulation and unau- ongoing development and inte-
pared to traditional pass- thorized access by creating gration of advanced technolo-
word-based systems. Moreover, transparent audit trails and gies remain crucial for fortifying
access controls, including establishing secure communi- our defences and preserving
role-based access and multifac- cation channels. the integrity of the digital realm.
tor authentication, add addi- While technology can play a role
tional layers of defence against F. Endpoint Security Solutions: in enhancing online safety, it is
cybercriminals. Potentially, every device acts as not a silver bullet that can solve
a gateway and serves as the all the problems. Technology
D. Incident Response and initial line of defence against solutions need to be carefully
Forensic Technologies: In the cyberattacks. Nevertheless, designed, evaluated, and regu-
aftermath of a cyber attack, these devices are not left lated to ensure that they are
technology plays a crucial role in vulnerable; they are secured by effective, reliable, transparent,
incident response and digital advanced endpoint security accountable, and respectful of
forensics. Automated incident solutions. These comprehensive users’ rights. Through a combi-
response systems enable orga- solutions encompass nation of innovation, collabora-
nizations to quickly detect and cutting-edge antivirus software tion, and vigilance, we can navi-
contain threats, minimizing the and advanced intrusion detec- gate the digital landscape with
potential damage. Forensic tion systems that provide confidence, knowing that tech-
technologies, including digital real-time protection against nology is working tirelessly to
evidence gathering and analysis malicious entities like malware keep our interconnected world
secure.

GENERATIVE AI: MANAGING THE
CORPORATE USER RISKS
An insurance company in Kenya ARTIFICIAL INTELLIGENCE (AI), large volumes of data with fast
has deployed billboards in the GENERATIVE AI AND CHATGPT and intelligent algorithms to
city of Nairobi with the inscrip- REVOLUTION allow the underlying software to
tion “Someone tell ChatGPT learn automatically from
that GA Insurance is the 3rd The rollout of ChatGPT by patterns or features in its source
largest General Insurer in OpenAI in November 2022 data to produce results that
Kenya”. Similar copies of the amplified the general consum- have grabbed the attention and
company’s acclaimed position er interest in the emerging curiosity of many - thinking and
in various insurance categories technology of Artificial Intelli- acting like humans in its
are dotted across the city. gence (AI). Although ChatGPT is processed responses.
not the first use case of Artificial
This could be seen as a market- Intelligence, its ability to This cognitive ability of AI
ing campaign seeking to take ‘humanize’ the use of technolo- represents computerized
advantage of the craze and gy particularly in a conversa- machines with comparable
buzz of “ChatGPT” - and every- tional manner has heightened human intelligence using
thing may be right with it con- the applicability of AI to many machine learning, and deep
text-wise. human endeavors. learning among others to
perform various tasks with ease.
However, inherent in this “call to Through iterative processes, AI
action” are risks users of leverages machine learning The power of Machine Learning
ChatGPT particularly corporate techniques to learn from large to feed on large volumes of data
ones may be exposed to due to volumes of data to produce using different statistical tech-
the kinds of data either confi- reasonable, predictive, and niques combined with the influ-
dential or otherwise they input near-human cognitive informa- ence of deep learning using
into the interactive chatbot or tion. Using publicly available artificial neural networks to
any underlying source data. data sources, AI is able to process information, solve com-
produce and create its own data plex problems, etc has enabled
Therefore, this article seeks to sets (information) from these AI to discover various patterns in
highlight some of these risks existing ones although not data and learn through high
and propose ways companies always accurate and current volumes of unstructured data in
can promote the use of emerg- due to the time gap in its data varied forms including text,
ing technologies while safe- sources. images, and videos.
guarding their proprietary data
from disclosures. The iteration process combines Comparably, Generative AI has

emerged as a category that
uses high volumes of raw data
tions and preference compari-
sons to guide Generative This cognitive
in iterating and learning
patterns within same to gener-
Pretrained Transformer (GPT)
models toward desired behav-
ability of AI rep-
ate the most likely accurate
responses when prompted with
iors. resents comput-
a question. To achieve the desired results, erized machines
the models are trained on vast
This form of AI relies on large amounts of data from the inter- with comparable
language models (LLMs) to
produce natural language
net including conversations,
news items, articles, etc to human intelli-
outcomes and generate texts
and other language-based
enable human-like responses.
gence using ma-
mediums. The potential of Gen-
erative AI to do this is what has
As part of its core functionality,
ChatGPT analyses data, token
chine learning,
enabled OpenAI’s revolutionary by token, by identifying patterns and deep learn-
chatbot - ChatGPT. and relationships; an ability that
has enabled its superhuman ing among
Simply, ChatGPT is an AI-pow-
ered chatbot that uses natural
responses and generated a
worldwide craze within the others to per-
language processing and
machine learning algorithms to
shortest period of its launch.
form various
understand user queries and
respond with relevant informa-
tasks with ease.
tion in a conversational manner THE CALL TO ACTION
equal to human cognitive
responses. By the advertisement, GA Insur-
ance is asking the general iterations by ChatGPT and
Its processes are optimized for public to provide data in confir- become responses to queries
dialogue using the Reinforce- mation of its positions within about which insurance compa-
ment Learning with Human the insurance sector in Kenya in ny holds the positions the
Feedback (RLHF) method a manner that could become a billboards seek to embed.
which uses human demonstra- source of data for subsequent
This call to action is for people to
feed ChatGPT with data that
enables it to one day produce
responses in confirmation of GA
Insurance’s claims. This desired
outcome by GA Insurance is
possible because of the way
ChatGPT and every other Gen-
erative AI works. Generative AI
as indicated earlier processes
data from identified sources
particularly online and based on
processed data, makes predic-
tive outcomes of the best possi-
ble answer based on the data
sets.
Therefore, should people includ-

ing workers need to the call and
take to online platforms
acknowledging GA Insurance
for the various advertised posi-
tions, over time, ChatGPT and
other Generative AI will come to
learn and process such claims
as correct positions of GA Insur-
ance in respect of queries relat-
ed to same.

dataset that the system will be
trained on as part of its improve-
ment process.
The risks therefore can be quan-

tified. There is no guarantee for
the protection of the confidenti-
ality of the prompts you input
into any chatbot. Eventually,
such prompts will be processed
and iterated. It could form part
of an answer or response a chat-
bot will be providing a user
asking similar questions in the
future.
So, whether personal or compa-

ny information, confidential or
otherwise, once inputted into a
chatbot, such information will
become subject matter data for
processing by the chatbot and
made widely available on
request by others.
And as such information are not

capable of deletion from the
Such marketing campaigns to input or ask queries or have memory of these chatbots, the
could be effective in helping the conversations that border on unintended consequences of
company establish itself and be confidential information relat- exposing hitherto confidential
validated somehow by emerging to themselves, others, or the information to disclosure, and
ing technologies such as Gener- companies they work for. use can be avoided by imple-
ative AI - as many may without menting some of the recom-
more take as accurate respons- In a FAQ by OpenAI on whether mendations below.
es from these chatbots. such conversations will be used
for training, the developer of
ChatGPT answered in the affir-
mative saying “Yes, your conver- WHAT NEEDS TO BE DONE
THE ASSOCIATED RISKS sations may be reviewed by our
AI trainers to improve our AI and its use cases such as Gen-
Every Generative AI tool needs systems”. (Don’t be mistaken by erative AI have tremendous
data for its iteration process. As the use of the word “may”. It opportunities to improve the
of now, they do not generate means “it will be used” as that’s productivity of workers. There-
their own data sets - they the only way the technology fore, companies should not seek
process what is available. There- could be improved). to ban its use in workplaces
fore, the call to action is a call to despite its risks.
provide or feed these Genera- Also, on the question of whether
tive AI tools with data. specific prompts can be delet- To mitigate the risk, the follow-
ed, OpenAI said, “No, we are not ing initiatives could be institut-
The temptation in doing this is able to delete specific prompts ed.
to provide more than what the from your history. Please don’t
call to action requires. And share any sensitive information 1. Policy rollouts: As first
anyone who has used any of the in your conversations”. steps, companies must redefine
Generative AI tools will attest to employee conduct and expect-
the temptation to be specific This is the clearest warning any ed uses of these emerging tech-
and particular with queries technology developer could nologies through policy initia-
because of the near-perfect give. It’s plain black and white. tives and procedures. Such
responses one gets from these Anything you input as part of policies and procedures must
chatbots. your conversation with any clearly define the scope and
chatbot will not be deleted. It permitted use cases to limit the
Over time, people could begin will become part of the new compromising company confi-

dential information and prevent must use them or procure the Companies may explore this
the breach of the intellectual services of external people with option as an add-on productivi-
properties of others. demonstrated expertise and ty tool that enables new ways of
practical ways of safeguarding working in a secure environ-
Companies must ensure all the use of these technologies. ment.
stakeholders participate in the
design of these policies to 3. Intermittent audits and
ensure their respective con- compliance checks: Compli-
cerns are accounted for. Addi- ance remains the surest way to
tionally, companies must adopt ensure employees use these AI CONCLUSION
a feedback loop for the measure tools in accordance with
of policy impacts and reviews defined conducts. Compliance Increasingly, we are recognizing
that accommodate new checks such as intermittent the immense importance of AI
updates/upgrades in these audits or spot checks will help tools and Generative AI to drive
emerging technologies. build and measure employee greater productivity across
compliance. Additionally, initia- many industries. This provides
2. Training and re-train- tives such as compliance greater justification for their
ing of staff: With employee awards, the establishment of uses than their complete ban
conduct defined, companies helpdesks, departmental cham- despite their risks. Therefore,
must ensure comprehensive pions, etc will help promote a the adoption of some of the
training and refresher strong compliance culture recommendations in this article
programs are instituted to build among employees. will help safeguard the use of
employee capacities on the use these emerging tools and must
of emerging technologies such 4. Adoption of compa- be highly considered by compa-
as Generative AI. The training ny-wide AI tools: Some companies to ensure their proprietary
programs must leverage the nies have the resources to adopt or confidential information is
benefits of theoretical and prac- company-wide AI tools built to not exposed unintentionally to
tical sessions to test and con- the specific use cases of such disclosures and breaches.
firm employee understanding companies. Where such capaci-
and appreciation of these tech- ties exist, such companies must
nologies. invest in their own AI tools with
control over the confidentiality
Where internal resources exist of data or information uploaded
for this training, companies or shared via such platforms.

INDUSTRY PLAYERS’
SPOTLIGHT
09

eCAMPUS
eCampus LLC, a pioneering technology, the company opti- ence, motivating individuals to
Ghana-based company, is mizes assessment, evaluation, actively participate and excel in
spearheading a transformative and reporting processes, result- their educational pursuits.
educational movement across ing in enhanced teaching and
Africa with its innovative online learning outcomes. This not Moreover, eCampus is not only
learning solutions. Since its only streamlines educational shaping the future of individual
inception in 2015, eCampus has experiences but also ensures a learning but is also playing a
been at the forefront of e-learn- personalized and effective pivotal role in the compliance
ing, reshaping the educational approach to learning, catering efforts of financial service
landscape to be smarter, more to individual needs. providers. By offering tailored
accessible, and customized to corporate training programs,
meet the diverse needs of learn- Beyond traditional educational eCampus supports financial
ers throughout the continent. boundaries, eCampus actively institutions in ensuring that
supports learners in exam their employees are well-versed
Founded with the mission of preparation, aids job seekers in in industry regulations and
promoting self-paced educa- navigating the competitive job compliance standards. This stra-
tion in Ghana, eCampus has market, and facilitates employ- tegic alignment with financial
emerged as a comprehensive ee compliance with industry service providers underscores
educational hub. Through an standards through targeted eCampus' commitment to
intuitive web platform and a training programs. The incorpo- delivering not only quality edu-
mobile app, the company offers ration of AI into these processes cation but also contributing to
a broad spectrum of courses, not only enhances efficiency the overall compliance and
prep tests, microlearning mod- but also fosters a more adaptive regulatory landscape.
ules, and corporate training and responsive learning envi-
programs, addressing a range ronment. Overall, it serves as a driving
of subjects and skills. This force for beneficial societal
adaptability positions eCampus In a unique twist, eCampus transformation through educa-
as a dynamic educational force, recognizes and rewards the tion, and a crucial partner for
addressing the evolving endeavors of learners through a financial service providers in
demands of learners in a rapidly points system. Learners accu- achieving their compliance
changing world. mulate points throughout their goals. eCampus is more than
educational journey, which can just an educational platform; it
A key differentiator for eCam- then be redeemed for exciting is a companion in the pursuit of
pus is its integration of artificial prizes or discounts. This gamifi- knowledge, development, and
intelligence (AI) into the learn- cation aspect adds an engaging regulatory compliance.
ing experience. By leveraging AI element to the learning experi-

PAST INDUSTRY EVENTS
10

BANK OF GHANA eCEDI HACKATHON
The eCedi Hackathon 2023, a ideas utilizing CBDC tokens and SCB Ghana, Nokofio, Moolre,
joint initiative by the Bank of APIs to prototype solutions or Paycode, Team AutoCedi, and
Ghana and EMTECH Solutions develop tools that tackle a tech- Team CreditLink for the Demo.
Inc., recently ended. The event nical issue. The use cases Their solutions spanned a wide
which spanned a period of 12 encompassed eCedi usage in range of areas, including farmer
weeks, was aimed at providing a merchant transactions (C2B), empowerment, crowdfunding,
platform for FinTechs, develop- government payments (G2P), taxation, digital payments for
ers, and innovators to devise agriculture and trade (C2B, businesses, investment in
innovative solutions that B2B), maintaining data privacy government securities, eCedi
explored the diverse use and during eCedi transactions, interoperability, eCedi back-end
applications of a Central Bank preventing the use of eCedi for infrastructure, and credit scor-
Digital Currency (CBDC). illegal transactions, ensuring ing.
eCedi interoperability, KYC
The hackathon brought togeth- models/solutions for eCedi, and The Hackathon serves as an
er innovators in technology and potential models for cross-bor- important component of the
finance, with the goal of explor- der payments and transactions. regulator’s eCedi research proj-
ing the potential of CBDC. It was ect, providing the regulator
structured to encourage inno- The hackathon drew over 200 with the avenue to explore
vation, drive technological applications, with the regulator emerging technologies, drive
advancement, and create solu- selecting the top 10 innovators - creativity, and promote the
tions that could transform the AgroEcedi, Applicase, David development of eCedi.
financial landscape of Ghana. Archer, Forward Titans, Libeara x
In 2022, the Bank of Ghana

successfully assessed both
online and offline applications
of the eCedi, showcasing its
potential to broaden financial
inclusion. The hackathon
presented an opportunity to
introduce innovative solutions
in the domain of digital curren-
cies.
The Hackathon posed challeng-

es that required innovative

SINGAPORE FINTECH FESTIVAL 2023
The 2023 edition of the Singa- The event recorded at least 3.5 Important announcements
pore Fintech Festival (SFF), a million session views and count- were made, such as the winners
yearly event that brings togeth- ing, with over 60,000 partici- of the MAS Global FinTech
er fintech firms from around pants. It featured more than 500 Hackcelerator and the launch of
the world, concluded on exhibitors and over 560 the Global Fintech Hackcelera-
November 17, 2023. The event, renowned speakers from tor for green finance. There was
which attracted over 60,000 around the world. Participants also anticipation for an
attendees from more than 100 from over 160 countries attend- announcement on the MAS
countries, served as a key forum ed the event, which also includ- Global CBDC Challenge.
for global leaders to explore ed more than 100 startup pitch-
significant technological devel- es. The conference provided a Highlights of the event included
opments in financial services. critical examination of various the Innovation Lab Crawl and
The theme of this year’s event aspects, including the current the World FinTech Festival,
was “Inclusive, Resilient and instability in the global macro- which featured forty-five (45)
Sustainable,” emphasizing the economic environment. satellite events hosted world-
importance of collaboration and wide by partner cities.
outlining key requirements for Live broadcasts played a crucial
shaping the future of the global role in the global programs that
financial ecosystem. took place during the SFF 2023.

TECH IN GHANA 2023
This biannual event, hosted in provides a stage to showcase It took place at the Accra Digital
both London and Accra since innovative solutions. Center from November 28th to
2017, continues to play a pivotal 29th, with distinguished head-
role in fostering and fortifying The Tech in Ghana Conference liners and speakers from the
Ghana's tech ecosystem. empowers the nation's entre- tech industry.
preneurs, enabling them to
Encompassing a diverse array of make a substantial impact on
subjects such as FinTech, Agri- the global tech arena while
Tech, HealthTech, ClimateTech, garnering the essential support
Gig Economy, Gaming, Policy, and recognition they deserve.
Investment, Entertainment, To elevate Ghana's tech ecosys-
EdTech, and more, the confer- tem on the world stage, this
ence served as a crucial plat- year’s conference created a plat-
form for the burgeoning tech form for those at the forefront of
community to converge. It facili- the technology industry to
tates global knowledge share their experiences, empha-
exchange, encourages network- sizing the country's technologi-
ing among industry peers, and cal prowess.

2ND NATIONAL E-COMMERCE FORUM
AND EXHIBITION
The 2nd National e-Commerce Aiming to mobilize diverse best practices, and discuss
Forum and Exhibition was orga- stakeholders toward more lessons learned in navigating
nized by GIZ as part of their ded- inclusive and cooperative devel- the challenges and opportuni-
icated initiatives to enhance the opment, the forum featured ties within Ghana's e-com-
country’s e-commerce ecosys- extensive multi-stakeholder merce sector. Additionally, it
tem. discussions throughout the day. sought to stimulate discussions
The culmination of these among various sector actors,
This forum not only celebrated discussions resulted in a com- inspiring and expediting inter-
the achievements of Ghana's prehensive communique, ventions in response to their
e-commerce landscape but also outlining key outcomes, and needs. A crucial aspect was
catalyzed the forging of a collec- charting a course forward. This advocating for inclusive value
tive vision for its future develop- document identified responsi- chains and market systems to
ment. By bringing together ble stakeholders tasked with support women in e-commerce
government leaders, private addressing the challenges iden- in Ghana.
sector representatives, industry tified during the forum.
practitioners, SMEs, academics, GIZ, through the Pan-African
research scholars, ecosystem The National e-Commerce E-Commerce Initiative-Boost-
enablers, intermediaries, and Forum and Exhibition had ing Digital Trade project, has
international development several objectives, including been actively involved in
partners, the event fostered a providing a platform for partici- promoting an enabling environ-
collaborative environment. pants to exchange ideas, share ment for e-commerce in Ghana.
This regional project extends its
activities beyond Ghana to
Rwanda, Kenya, and the East
Africa Community. With a focus
on unlocking the economic
potential of e-commerce, the
interventions showcased in the
2nd National e-Commerce
Forum and Exhibition empha-
sized the ongoing efforts to
facilitate stakeholder interac-
tion, understanding, and collab-
orative problem-solving in the
sector.

CTO MIXER
The Ghana FinTech and practical insights that could

Payments Association, Qucoon benefit their businesses. The
Limited, and AWS collaborative- event was a valuable opportuni-
ly hosted an Exclusive Mixer ty for participants to adapt and
event for Startup CTOs on Octo- excel in a rapidly changing
ber 5th, 2023. This remarkable world.
event, dubbed “the Cloud Tech
Mixer”, was spearheaded by As a reliable AWS-certified part-
Qucoon, a reputable AWS-certi- ner, Qucoon Limited played a
fied partner. The event catered key role in creating an event
exclusively to Startup CTOs in that not only promoted knowl-
Ghana, offering them a chance edge sharing but also enabled
to explore the cutting-edge meaningful relationships
developments in cloud technol- among Ghana’s Startup CTO
ogy. community. The Exclusive
Cloud Tech Mixer was a memo-
Attendees were able to learn rable event that contributed to
about the latest innovations in the ongoing advancement and
cloud technology, connect with dialogue within the tech ecosys-
industry leaders, and acquire tem in Ghana.

GHANA TECH SUMMIT 2023
The 5th Annual Ghana Tech 1,000 companies to market participation from industry
Summit which took place on annually across 90 countries experts representing leading
December 14th as a virtual-only through entirely online means. companies such as Google,
event. The extensive GSE network Facebook, Uber, Twitter, IBM,
hosts 25-30 programs yearly, and Microsoft and the 2023
Regarded as the largest tech spanning diverse tech realms edition equally rallied thou-
conference in West Africa, the such as Ai Tech Summit, Block- sands for the next era of the
Ghana Tech Summit annually chain Tech Summit, Space Tech internet, featuring keynote
attracts thousands of global Summit, VR Tech Summit, Nano speakers such as Ndaba Mande-
technology leaders, providing a Tech Summit, Haiti Tech la, Ben Horowitz (Investor in
platform for learning and busi- Summit, Her Future Summit, Twitter, Facebook), Tim Draper
ness interactions. The 2023 Africa Future Summit, Europe (Investor in Skype, Hotmail, etc.),
summit was organized to usher Future Summit, and more. Naveen Jain (Founder of Moon
in the “Ghana@100” Edition, Express, Viome, etc.), Jovenel
exploring the future of Ghana in The event converged hundreds Moise (Current President of
a post-modern world”. of entrepreneurs, investors, digi- Haiti), Vicky Jeudy from Netflix's
tal marketers, and creatives to Orange is the New Black, and
This summit is a 13-year initia- collectively address humanity's Vice Presidents and CEOs from
tive spearheaded by the Global greatest challenges through the Google, Facebook, Airbnb, Uber,
Startup Ecosystem (GSE), recog- lenses of technology and entre- and more.
nized as the first and largest preneurship. In the past, it drew
digital accelerator propelling

GHANA HOSTED THE MAIDEN EDITION
OF THE GLOBAL CYBER CONFERENCE
The inaugural Global Confer- national development commu- fostering collaboration to secure
ence on Cyber Capacity Build- nity, and innovators. the digital ecosystem, enhanc-
ing (GC3B) took place in Ghana Guided by the theme “Cyber ing cyber capacity for stability
from November 29 to 30, 2023, Resilience for Development”, and security, and putting solu-
at the Kempinski Hotel in Accra. GC3B was used as a platform for tions into practical operation.
substantive dialogue and the
Coordinated by a collaboration exchange of inventive concepts A noteworthy aspect of the con-
among the Global Forum on among policymakers and ference was the unveiling of the
Cyber Expertise (GFCE), the industry leaders seeking to Accra Declaration: a worldwide
World Bank, the Cyber Peace make substantial contributions framework fostering collabora-
Institute, and the World to the global advancement of tive initiatives to aid countries in
Economic Forum (WEF), this cyber capacity building. bolstering their cyber resilience.
conference attracted over 800
cyber experts globally. Partici- The conference sessions The GC3B exemplifies Ghana’s
pants included cybersecurity revolved around four key pillars: commitment to building a
professionals, leaders at high fortifying international develop- robust and secure digital
echelons, members of the inter- ment against cyber threats, ecosystem.

UPCOMING EVENTS
10

FINTECH ISLANDS 2024
Fintech Islands 2024 is an the World Trade Organization; warm hospitality of Barbados.
upcoming global gathering set Jack Dorsey, co-founder and The venue, the new Sam Lord’s
to unite leaders and innovators CEO of Twitter and Square; and Castle Resort, epitomizes luxury,
from the fintech sector in Richard Nunekpeku, Managing seamlessly blending history,
Barbados. Spanning three days, Partner of Sustineri Attorneys elegance, and modern ameni-
the event promises a dynamic PRUC, a fintech-focused law ties.
blend of insightful talks, interac- firm.
tive workshops, networking Anticipated as one of the most
opportunities, and entertain- Adding an exciting dimension, promising and impactful events
ment, delving into topics rang- Fintech Islands 2024 will host a in the fintech sector, Fintech
ing from digital banking and startup pitch competition, Islands 2024 provides a prime
blockchain to AI and cybersecu- where 10 selected fintech start- opportunity for learning,
rity. ups can showcase their solu- networking, and collaboration
tions to a panel of judges and with top minds in the field. Reg-
Distinguished speakers at the investors, vying for a prize of
event include influential figures $100,000. The event promises a
such as Brian Armstrong, CEO unique and immersive experi-
of Coinbase; Ngozi Okon- ence, set against the breathtak-
jo-Iweala, Director-General of ing backdrop, rich culture, and

TECH IN GHANA CONFERENCE
The Tech in Ghana Conference uled for March 19 & 20, 2024, at bringing together professionals
is an annual African technology the Accra Digital Centre. from across the country and
event held biannually, once in around the world.
London and once in Accra, Tech in Ghana serves as a lead-
Ghana. AB2020 hosts this event ing platform that bolsters Gha- The event promises attendees
as a platform dedicated to na’s tech ecosystem by facilitat- the chance to explore new
fostering UK-Ghana collabora- ing valuable knowledge shar- trends, projects, innovations,
tion and showcasing Ghana’s ing, global networking, and and partnerships, gain insights
vibrant tech ecosystem. innovation. into Ghana’s tech ecosystem,
It offers a space for knowledge and foster relationships with the
The 12th special edition is set to exchange and provides an country’s tech professionals.
take place in Accra and London, invaluable networking opportu-
with the Ghana session sched- nity for the tech community,

12TH ICT4D CONFERENCE
The 12th ICT4D Conference is set attracts approximately 700 tial of Information Communica-
to make a return to Accra, technical advisors and senior tion Technology for Develop-
Ghana, taking place on March executives hailing from public, ment (ICT4D) and data innova-
19th and 20th, 2024, with work- private, and civil society organi- tions, showcasing their tangible
shops scheduled for the day zations within the humanitarian impact on the lives of millions.
before and after the main event. and international development It sheds light on how these
sectors. technologies enhance the
Known for its high interactivity effectiveness of humanitarian
and hands-on approach, this This global conference delves relief, development, and con-
cross-disciplinary conference into the transformative poten- servation projects.
INNOVATE NIGERIA CONFERENCE

& EXPO 2024
Prepare for the largest corpo- Event Center in Lagos, Nigeria, Nigeria.
rate innovation gathering in on February 6th and 7th, 2024.
Nigeria, themed "Accelerate This unique conference zeroes Given the current global
Business Transformation in the in on corporate innovation and market landscape and the chal-
Age of AI." The event is sched- corporate venturing as viable lenges faced by Nigerian
uled to unfold at Landmark capital sources for startups in founders and those in other
emerging markets while seek-

ing capital, the platform aims to good and global competitive- pitches, and more. The event's
foster startup-corporate collab- ness, the event boasts an diverse tracks cover AI, Fintech,
orations, partnerships, and impressive lineup of speakers Foodtech/Agric, Healthtech,
investments as a timely inter- and spans over 12 industry Proptech, Smart City & Infra-
vention to bolster the local start- tracks. With over 5000+ attend- structure, Energy & Climate,
up ecosystem. ees and 10,000+ online partici- Finance & Trade, Mobility,
Anticipate engaging cross-sec- pants, this groundbreaking con- Ed-tech, Manufacturing & Auto-
tor discussions on the future of ference is the first of its kind in mation, Future of Work & Talent,
innovation and artificial intelli- Nigeria. Civic Tech & E-Gov, and Corpo-
gence (AI) during the confer- rate venture & M&A.
ence. Attendees can expect a rich
array of offerings, including con-
Exploring how African compa- ference sessions, exhibitions,
nies can harness AI's transfor- exclusive tours, masterclasses,
mative potential for societal an investor dinner, innovation
AFRICA TECH SUMMIT NAIROBI 2024
The 6th Africa Tech Summit start-ups, regulators, and indus- future line of sight across the
Nairobi is taking place from 14th try stakeholders driving busi- track topics. The event connects
– 15th February 2024 and will ness and investment forward. over 1000+ industry leaders,
connect tech leaders from the 700+ companies, and 150+
African ecosystem and interna- The 2024 edition will host four speakers via four tracks plus
tional players under one roof. tracks – the Africa Money & DeFi workshops, expos, and multiple
Summit, the Africa Climate fantastic networking opportuni-
Network with key stakeholders Tech & Investment Summit, the ties.
including tech corporates, Africa Startup Summit, and The
mobile operators, fintech, Web3 Africa Mobile & App Summit
ventures, investors, innovative which drive interaction and a

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THE GHANA

2. PUBLISHERS & CONTRIBUTORS

3. INNOVATIONS RESHAPING FINANCIAL SERVICES –

4. INCLUSIVE FINTECH – A SPOTLIGHT ON THE CYBER

5. EMERGING PRODUCTS AND BUSINESS MODELS

6. TRENDS AND INNOVATIONS

9. INDUSTRY PLAYERS’ SPOTLIGHT

10. PAST AND UPCOMING EVENTS

The Ghana Fintech Report 01

On the consumer insight front,

In our industry spotlight, we

The Ghana Fintech Report - Q4, 2023 02

We are Ghana’s foremost only address immediate legal

At SUSTINERI ATTORNEYS We strive for excellence, ensur-

The Ghana Fintech Report - Q4, 2023 03

The Ghana Fintech Report - Q4, 2023 04

The Ghana Fintech Report - Q4, 2023 05

POTENTIAL RISKS ASSOCIAT-

The positive uses and impacts of

A. Data Privacy and Security:

The Ghana Fintech Report - Q4, 2023 06

The Ghana Fintech Report - Q4, 2023 07

The Ghana Fintech Report - Q4, 2023 08

The Ghana Fintech Report - Q4, 2023 09

The Ghana Fintech Report - Q4, 2023 10

The objectives of the Authority was passed into conditions.

include regulating cybersecuri-

The Ghana Fintech Report - Q4, 2023 11

a. Completing an online form.

a. Complete the same online

The Ghana Fintech Report - Q4, 2023 12

In general, these initiatives

The Ghana Fintech Report - Q4, 2023 13

The Ghana Fintech Report - Q4, 2023 14

The Ghana Fintech Report - Q4, 2023 15

3. Scaling: With organiza-

The Ghana Fintech Report - Q4, 2023 16

demand for 4. Regulatory Changes:

The Ghana Fintech Report - Q4, 2023 17

The Ghana Fintech Report - Q4, 2023 18

The Ghana Fintech Report - Q4, 2023 19

The Ghana Fintech Report - Q4, 2023 20

BUY NOW PAY LATER (BNPL) AND

BUY NOW PAY finance. This model enables

LATER purchases and defer

younger shoppers who value

The Ghana Fintech Report - Q4, 2023 21

Setting a Goal - here, users can

The Ghana Fintech Report - Q4, 2023 22

The Ghana Fintech Report - Q4, 2023 23

Creators now have the liberty to

USER EMPOWERMENT AND

Monetization within Web3 is

The Ghana Fintech Report - Q4, 2023 24

Recent reports show a signifi-

Microtransactions offer access

The Ghana Fintech Report - Q4, 2023 25

The Ghana Fintech Report - Q4, 2023 26

The Ghana Fintech Report - Q4, 2023 27