Fintech Is the Future: SMEs Urged to Embrace Digital Finance for Growth

The President of the Ghana Fintech and Payments Association, Martin Kwame Awagah, has urged Ghanaian businesses, especially small and medium enterprises (SMEs) to integrate fintech solutions into their operations to stay competitive, efficient, and future-ready.

Speaking during Week 4 of the Citi Business Festival 2025 On-Air Series, Awagah said fintech is no longer a buzzword but a critical driver of economic transformation, especially in markets with high mobile penetration and a rising youth demographic.

Awagah’s remarks came as part of a broader conversation themed “How Fintech Is Changing the Business Landscape,” where he highlighted how digital financial solutions are revolutionizing access to payments, credit, savings, and enterprise growth tools.

“Fintech is delivering the convenience, speed, and real-time access that today’s consumers and businesses demand,” he said.

The Youth Factor and Market Readiness

Awagah pointed to Ghana’s youthful, tech-savvy population as a unique advantage for fintech adoption. With most young consumers preferring mobile-first, hassle-free financial experiences, he said businesses must shift away from outdated systems to more agile, digital platforms.

This transformation, he argued, is not only about customer experience but also about unlocking new growth channels through seamless payment integrations, mobile lending, digital savings products, and smart analytics.

Fintech as an Enabler for SMEs

SMEs, long constrained by limited access to capital and financial services, now have unprecedented opportunities to scale using digital platforms. From e-commerce integrations and mobile point-of-sale systems to cloud-based accounting and inventory management tools, fintech is bridging longstanding gaps between ambition and operational capacity.

Awagah emphasized that this wave of innovation is democratizing finance and bringing more businesses, regardless of size or location, into the formal economy.

Fintech, he noted, also plays a key role in promoting financial inclusion, expanding services to previously underserved populations, and building stronger linkages between informal enterprises and the digital economy.

With Ghana’s fintech ecosystem expanding rapidly and attracting both local and international investment, industry leaders say it’s time for businesses, especially SMEs to fully embrace the tools driving the next phase of Africa’s digital economy.

“The future of business in Ghana is digital, and fintech is the foundation of that future,” Awagah concluded.

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