MMFL launches MomoFinTech Lab
MobileMoney FinTech Limited (MMFL) has launched and opened application for the MoMo FinTech Lab to nurture innovative ideas and foster collaboration to accelerate the growth of Ghana’s financial technology ecosystem.
The FinTech Lab is a programme that seeks to provide a platform for innovators, startups, students, developers and industry players across the country to develop solutions that address real-world challenges.
The MoMo FinTech Lab will provide selected applicants with intensive bootcamp training, followed by zonal hackathons where participants will test and refine their prototypes. Twelve outstanding teams will then progress to a mentorship phase, receiving expert guidance, technical support and business development training to transform their ideas into viable fintech solutions.
A cash price of GH¢ 100,000, GH¢ 50,000 and GH¢ 30,000 with electronic devices would be given to the overall winner, first runner-up and second runner up respectively.
Speaking at the launch of the initiative in Accra yesterday, the Minister for Communication, Digital Technology and Innovation, Mr Samuel Nartey George, said people in academia, regulators, financial institutions, investors and technology innovators should leverage the platform to collaborate in building a resilient and globally competitive financial technology ecosystem in Ghana.
Mr Nartey said the initiative was more than a corporate programme, describing it as a national platform to nurture local innovation and position Ghana as a leader in digital finance.
He said the programme would bring together universities, technology communities, startups, innovators, regulators and investors through hackathons, mentorship, incubation and a National Demo Day to transform innovative ideas into market-ready solutions.
The Minister said the initiative aligned with the government’s digital transformation agenda, which focuses on digital public infrastructure, affordable connectivity, digital identity reforms and skills development through the One Million Coders Programme.
The Chief Executive Officer of MMFL, Mr Shaibu Haruna, said the lab would help participants develop concepts that could solve problems not only within their institutions but also across communities nationwide.
“We want to bring that platform to enable our young talent to build solutions that solve these problems,” he said.
Mr Haruna stressed that the initiative was focused on building skills rather than simply rewarding winners with prize money.
The CEO explained that interested applicants could submit their ideas through the MoMo App by completing an online application and selecting one of three regional zones; Accra, Kumasi or Tamale.
The Head of Fintech and Innovation at the Bank of Ghana, Mr Owureku Asare, said the country’s fintech ecosystem had recorded remarkable growth, driven by the mobile money revolution and expanding digital financial services.
Mr Owureku said the lab was built on the principles of responsible innovation and trust, stressing that sustainable growth in the sector required strong governance, adequate capital, mentorship and effective partnerships between regulators and innovators.
According to him, the Bank of Ghana fully supports the programme, noting that it aligns with the central bank’s regulatory framework, fintech innovation initiatives and efforts to develop a digital cedi and other emerging financial technologies.
He disclosed that the central bank was working with other African countries, including Rwanda and Nigeria, to promote cross-border payment interoperability and facilitate seamless value transfers across the continent.
BY PRINCE ADDO FRIMPONG AND RASHEEDA AFOAKWAH
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