Current economic challenges present opportunities for fintechs to innovate – eTranzact Ghana CEO

Ghana’s fintech industry has experienced significant growth in the past few years with technology reshaping the country’s financial services.

Although the financial sector has taken a hit from recent economic challenges, players in the fintech space remain positive.

One of them is John Apea, Chief Executive of eTranzact Ghana Ltd. He believes the economic downturn is an opportunity to innovate.

Apea explained fintechs must diversify products to be able to increase financial inclusion and to make customers happy.

He urged fintechs to increase focus on customer experience, diversify products and explore how they can partner other institutions to increase customer experience and bring more products to bare.

“Some of the greatest inventions were all accidental or they came at a time there was upheaval in the economy and people had to find alternatives, and that is our focus at eTranzact”, he told Marketplace host Daryl Kwawu.

In 2022, Ghana’s fintech landscape was estimated to have around 100 firms, dominated by wider payment solutions.

According to The Fintech Times,  beyond payments providers, other fintech subsectors that have been active in the ecosystem include insurance, pensions, blockchain, security trading and assets management, agriculture, buy now, pay later (BNPL), loans and property.

Responding to concerns about rising fraud and issues concerning cybersecurity in the industry, Apea noted his company as well as other firms are working hard to make sure they protect consumer data and increase user experience.

John Apea was appointed CEO of eTranzact Ghana in October 18, 2021, tasked to implement key strategies to ensure growth and increase profitability of the company.

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