Currently, there is no timeline on when the pilot will end but the potential for new fintech products to be introduced to the public is a great prospect.
The BOG has already introduced the Payment Act
whereby new fintechs can apply for licenses for different operations. The BOG’s Fintech Office is reportedly working on an online portal for fintechs to apply for their licenses virtually.
This sets things in motion for local and foreign companies to establish operations in Ghana. Companies like PayPal or Stripe can take advantage by setting up directly or partnering up with local fintechs.
The Fintech industry is slowly evolving past products for payments for airtime and data. This opens up crowdfunding, insurance tech, and other sectors.