Fintech in Ghana implies notable investment floors as the calendar flips to 2025 and some of the driving forces are WeWire, Affinity Ghana, and Achieve by PETRA in their effort to offer financial inclusion and innovations through financial services in the year 2024.
However, even with such achievements, the new bar raises questions as it stands: Will the momentum of Ghana’s fintech sector still be sustained with the government entering a new phase and the policies changing?
2024: A Landmark Year for Ghana’s Fintechs
Beyond doubt, 2024 was the WeWire year. From expanding to 80+ countries to acquiring 3,000+ clients, and launching two new solutions, WeWire was on a roll in 2024.
— WeWire (@usewewire) January 21, 2025
As we wrap up the first month of 2025, we take a moment to reflect on the past year.#wewireyearinreview pic.twitter.com/E1z2kkVf1s
WeWire, a multi-currency payment platform, broke new ground in 2024. Expanded its reach to over 80 countries and provided services to over 3,000 customers. The company launched two new products, Virtual IBAN and Smart Invoices, and the addition of currencies such as the Canadian Dollar, Tanzanian and Ugandan Shillings, West and Central African CFA Francs, South African Rand, and stablecoins (USDT, USDC).
WeWire closed every possible hole to its solidifying global presence. A doubled income, boasting an average increase of 70% in monthly transaction volume. Awards such as the BoG Sandbox, Visa Accelerator, and IPR Global Award certify the company’s success as well.
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Affinity Ghana is another financial institution based on digitized finance, which increased deposits to GHS 82.1 million, suggesting greater customer faith.
In addition, the institution provided services to 45,000 customers, carried out 348,412 transactions and released GHS 20 million in loans to its customers, demonstrating impact in financial inclusion.
achieve by Petra 2024 wrapped!
— Achieve by Petra (@theachieveapp) December 30, 2024
Thank you for choosing us #2024wrapped
#2025 pic.twitter.com/6kL7Hq1faQ
Achieve by PETRA also shone brightly in the year and processed transactions that surpassed GHS 270 million. With features like Global Tech and Auto Momo which brought it a paradigm shift, participation in top events like the Pharmaceutical Society of Ghana AGM and Tech in Ghana shows their relevance to industry leadership.
Policy Transitions: A Catalyst or a Constraint?
Some of these developments paint a rosy picture for fintech’s climatic in 2025, which might change due to the significant policy shifts. The newly appointed Financial Minister Designate, Dr. Cassiel Ato Forson, during his vetting, suggested abolishing the controversial e-levy tax on electronic transactions that have raised debate since inception.
While the proposed abolishment of the e-levy could serve the dual short-run effects of lowering transaction costs for consumers and increasing the uptake of digital payments, it could also impact government earnings from such taxes and possibly substituted with aggravated regulations to curb the deficit.
