{ "jurisdiction_id": "GH", "jurisdiction": "Ghana", "url": "https://payments.gi/jurisdictions/ghana/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-26", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 70, "source_register": 136 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w1a-licensing-authorisation-market-access", "standing_position": "Ghana payments licensing anchored by Act 987 (BoG-administered): tiered non-bank PSP regime (Standard/Medium/Enhanced), DEMI for non-bank e-money, bank/SDI route under Act 930; minimum capital/permissible activities/fees set by Notice BG/GOV/SEC/2019/16.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://ghalii.org/akn/gh/act/2019/987/eng@2019-05-14/source.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_route", "source": "https://acts.ghanajustice.com/actsofparliament/payment-systems-and-services-act-2019-act-987/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "regulator_notice", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/09/Revised-Notice-Licensing-of-Payment-System-Providers-CURRENT.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_route", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/08/NOTICE-Guidelines-for-E-Money-Issues-in-Ghana.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/ghana", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Conduct, safeguarding and promotions sit under Act 987 and a stack of BoG guidelines. E-money float must be denominated in cedis with CDD/KYC tiers; corporate governance, disclosure/transparency and consumer-recourse guidelines bind PSPs and DEMIs. The Corporate Governance Guidelines for PSPs (June 2025, compliance by 31 Dec 2025) tighten board composition and conduct. VASP advertising is now a regulated activity.", "findings": [ { "finding": null, "instrument_type": "guideline", "source": "https://dfsobservatory.com/sites/default/files/Bank%20of%20Ghana%20-%20Guidelines%20for%20E-Money%20Issuers%20in%20Ghana.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "guideline", "source": "https://bpaghana.com/strengthening-corporate-governance-in-ghanas-digital-finance-sector-key-highlights-of-bank-of-ghanas-corporate-governance-guidelines-for-payment-service-providers/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "guideline", "source": "https://www.bog.gov.gh/wp-content/uploads/2022/09/Payment-Service-Providers-Disclosure-and-Transparency-Guidelines-for-D....pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing_requirement", "source": "https://www.bog.gov.gh/fintech-innovation/licence-requirements/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_promotions", "source": "https://www.mariblock.com/stories/ghana-control-the-virtual-asset-narrative-before-full-licensing", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w2-stablecoins-digital-money", "standing_position": "Dual digital-money regime: in-force cedi e-money under Act 987/DEMI, and enacted-but-not-yet-operational VASP Act 1154 (BoG primary licensor, SEC/FIC coordinating). Crypto not legal tender; SEC 12-month sandbox precedes licensing window.", "findings": [ { "finding": null, "instrument_type": "primary_statute", "source": "https://www.bog.gov.gh/virtual-assets/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "primary_statute", "source": "https://www.trade.gov/market-intelligence/ghana-financial-services-new-virtual-assets-framework", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "regulatory_split", "source": "https://www.gbcghanaonline.com/news/business/president-mahama-signs-virtual-asset-service-providers-bill-into-law-legalises-crypto-trading-in-ghana/2025/2/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "market_data", "source": "https://www.mariblock.com/stories/ghana-control-the-virtual-asset-narrative-before-full-licensing", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "in_force_regime", "source": "https://ghalii.org/akn/gh/act/2019/987/eng@2019-05-14/source.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/ghana/#w3-operational-resilience-critical-infrastructure", "standing_position": "Ghana's Cyber Security Authority (CSA), under the Cybersecurity Act 2020 (Act 1038), actively enforces licensing of Cybersecurity Service Providers to owners of Critical Information Infrastructure — including payment-system infrastructure operators. Recent enforcement: CSA fined EY Ghana GH¢360,000 and the Office of the Registrar of Companies GH¢240,000 (August 2026) for unlicensed cybersecurity/GRC services.", "findings": [ { "finding": null, "instrument_type": "directive", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/09/CYBER-AND-INFORMATION-SECURITY-DIRECTIVE.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "directive", "source": "https://www.opensecurityarchitecture.org/frameworks/bog-cisd/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_action", "source": "https://3news.com/business/banks-comply-with-bogs-directives-on-cyber-security/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "pending_directive", "source": "https://asaaseradio.com/bank-of-ghana-rolls-out-sweeping-cyber-directive-to-reset-financial-sector-security/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "institutional", "source": "https://www.myjoyonline.com/mobile-payment-fraud-in-ghana-a-growing-cybersecurity-challenge/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w4-scheme-network-compliance", "standing_position": "Card and scheme compliance rests on BoG's Guideline on Operations of Electronic Payment Channels (governing ATM/POS, card schemes, acquiring and PTSPs) layered over international Visa/Mastercard rulebooks and PCI DSS. A structural rule separates card schemes from acquiring. The domestic gh-link scheme processes card transactions onshore. PCI DSS compliance is mandated for card-handling institutions via the CISD and licence requirements.", "findings": [ { "finding": null, "instrument_type": "guideline", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/08/Guidelines-on-Operations-of-Electronic-Payment-Channels-in-Ghana.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "data_localisation", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/08/Guidelines-on-Operations-of-Electronic-Payment-Channels-in-Ghana.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "domestic_scheme", "source": "https://www.ghipss.net/faqs/gh-link-card-information", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "standard", "source": "https://iipgh.org/compliance-with-the-bank-of-ghana-cyber-information-security-directive/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "scheme_rulebook", "source": "https://www.mastercard.com/content/dam/mccom/shared/business/support/rules-pdfs/mastercard-rules.pdf", "source_url": null, "source_tier": "2", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/ghana/#w5-payment-corridor-dynamics", "standing_position": "Ghana's principal cross-border rails are PAPSS (Afreximbank/AU, accessed via GhIPSS) for intra-African local-currency settlement that bypasses external correspondents, plus a large diaspora remittance market ($6.65bn recorded in 2024, ~$11.5bn including informal). Inward remittances are channelled through DEMIs/EPSPs partnering with MTOs under BoG guidelines, and a Ghana-Nigeria mobile-money corridor is being piloted. A Ghana-Rwanda fintech licence passporting MoU was signed in Feb 2025.", "findings": [ { "finding": null, "instrument_type": "corridor_rail", "source": "https://www.trade.gov/market-intelligence/ghana-pan-african-payments-settlement-system-papss-update", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "guideline", "source": "https://www.bog.gov.gh/wp-content/uploads/2024/01/UPDATED-GUIDELINES-FOR-INWARD-REMITTANCE-SERVICES-BY-PAYMENT-SERVICE-PROVIDERS_2024.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_data", "source": "https://citinewsroom.com/2025/02/2024-remittances-hit-6-65bn-four-times-higher-than-fdis-bog/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "corridor_pilot", "source": "https://asetenapa.com/ghana-mobile-money-statistics/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "cross_border_mou", "source": "https://mzv.gov.cz/accra/en/digitisation_of_the_banking_sector_in.html", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w6-industry-structure-commercial-dynamics", "standing_position": "Ghana's payments market is mobile-money-led and highly concentrated. MTN MoMo dominates with roughly 73% of mobile-money customers (c.19-20m users) versus Telecel Cash (~23%) and AT Money (~3%). Banks, GhIPSS infrastructure and a deep fintech layer (Hubtel, ExpressPay, Zeepay, Nsano, Cellulant) complete the structure. A government-backed Telecel-AirtelTigo merger aims to challenge MTN; Act 987 requires 30% Ghanaian ownership of MTN's MoMo operations.", "findings": [ { "finding": null, "instrument_type": "market_structure", "source": "https://asetenapa.com/ghana-mobile-money-statistics/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_concentration", "source": "https://www.jbklutse.com/mtn-momo-market-dominance-ghana-lock-in/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_data", "source": "https://www.marknteladvisors.com/research-library/ghana-mobile-money-market-report.html", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_shift", "source": "https://techpoint.africa/news/telecel-airteltigo-vs-mtn/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "ownership_rule", "source": "https://asetenapa.com/ghana-mobile-money-statistics/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w7-legal-litigation", "standing_position": "Act 987 provides the dispute-resolution spine: PSPs aggrieved by BoG licensing decisions petition BoG within 30 days with onward appeal to the Chief Justice; consumer disputes go through mandatory internal PSP procedures with appeal to BoG. Enforcement is active: BoG suspended Flutterwave and Cellulant remittance partnerships in Sept 2025, and previously suspended Zeepay's forex licence. Data Protection Commission and Cyber Security/Electronic Transactions Acts provide penalty regimes.", "findings": [ { "finding": null, "instrument_type": "dispute_mechanism", "source": "https://www.lexology.com/library/detail.aspx?g=cd82991b-f676-4d41-9cd0-5cedd6e7de8d", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://thepaypers.com/fraud-and-fincrime/news/bank-of-ghana-suspends-remittance-partnerships-for-breaches", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "enforcement_action", "source": "https://tracxn.com/d/companies/zeepay/__6JDDNeRv6FPocq-Q3THTnXWqRcCvZAzXmSDXcBXmorY", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "penalty_regime", "source": "https://iclg.com/practice-areas/fintech-laws-and-regulations/ghana", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "statutory_powers", "source": "https://acts.ghanajustice.com/actsofparliament/payment-systems-and-services-act-2019-act-987/", "source_url": null, "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w8-merchant-acquiring-risk", "standing_position": "Merchant acquiring is governed by BoG's Guideline on Operations of Electronic Payment Channels, which licenses acquirers and Payment Terminal Service Providers, mandates SLAs, T+1 merchant settlement and POS certification, and bars card schemes from acquiring. The mass market is mobile-money acceptance via aggregators (Zeepay, ExpressPay, Hubtel, Paystack, Flutterwave) with fees of ~1-2.5%; gh-link offers faster domestic chargeback. Card penetration is structurally low relative to mobile money.", "findings": [ { "finding": null, "instrument_type": "guideline", "source": "https://www.bog.gov.gh/wp-content/uploads/2019/08/Guidelines-on-Operations-of-Electronic-Payment-Channels-in-Ghana.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "market_practice", "source": "https://www.jbklutse.com/top-fintech-startups-ghana/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_structure", "source": "https://www.orchestrapay.com/coverage/africa/ghana", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "dispute_framework", "source": "https://www.ghipss.net/faqs/gh-link-card-information", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "risk_control", "source": "https://www.jbklutse.com/top-fintech-startups-ghana/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w9-product-innovation-market-development", "standing_position": "Ghana is an instant-payments and inclusion innovation leader: GhIPSS Instant Pay (GIP), full Mobile Money Interoperability (MMI), GhQR universal QR, GhanaPay bank-led wallet and e-zwich. BoG runs a Regulatory and Innovation Sandbox, is piloting an open-banking framework (proof-of-concept 2025), and the retail eCedi CBDC (offline-capable) is in pilot pending enabling legislation. A National Payment Systems Strategy 2025-2029 frames interoperability and open finance.", "findings": [ { "finding": null, "instrument_type": "rail_innovation", "source": "https://www.lightspark.com/knowledge/ghana-instant-payments", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "cbdc_pilot", "source": "https://cbdctracker.hrf.org/currency/ghana", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "open_banking", "source": "https://thebftonline.com/2025/10/27/bog-to-pilot-open-banking-framework-boosting-data-sharing-and-customer-control/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox", "source": "https://fsdafrica.org/bank-of-ghana-announces-regulatory-sandbox/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "strategy", "source": "https://thefintechtimes.com/the-fintech-ecosystem-of-ghana-in-2026/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w10-consumer-protection-app-fraud", "standing_position": "Consumer protection runs through BoG's Investigation and Consumer Reporting Office (ICRO), complaints procedures, Consumer Recourse Mechanism Guideline (2017) and Disclosure/Transparency guidelines; PSPs are the first level of redress. There is no UK-style mandatory APP-fraud reimbursement regime. Fraud is a rising concern: BoG's 2024 Fraud Report shows 16,733 cases and ~GHS99m value at risk, with mobile-money social-engineering fraud prominent and recovery rates low.", "findings": [ { "finding": null, "instrument_type": "complaints_regime", "source": "https://www.bog.gov.gh/supervision-regulation/complaints-procedures/", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "recourse_guideline", "source": "https://www.bog.gov.gh/wp-content/uploads/2022/03/Guidelines-for-Inward-Remittance-Services-by-PSPs-1.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_report", "source": "https://www.bog.gov.gh/wp-content/uploads/2025/04/NOTICE-NO.-BG-GOV-SEC-2025-09-Publication-of-Banks-SDIS-and-PSPS-2024-Fraud-Report-1.pdf", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory_directive", "source": "https://www.gbcghanaonline.com/news/business/bank-of-ghana-fraud/2025/", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "fraud_trend", "source": "https://www.myjoyonline.com/mobile-payment-fraud-in-ghana-a-growing-cybersecurity-challenge/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w11-aml-cft-financial-crime", "standing_position": "Sentinel position (payments context): Ghana's AML/CFT regime is anchored by the Anti-Money Laundering Act, 2020 (Act 1044), supervised by the Financial Intelligence Centre alongside BoG, with goAML STR filing and Ghana Card-based KYC. Ghana exited the FATF grey list in June 2021 and the EU high-risk list in Jan 2022; it remains off all FATF increased-monitoring lists as of 2026. Galamsey (illegal gold) and cocoa trade-based laundering are priority risks; VASPs are accountable institutions under Act 1044.", "findings": [ { "finding": null, "instrument_type": "vasp_aml", "source": "sentinel://www.trade.gov/market-intelligence/ghana-financial-services-new-virtual-assets-framework", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Ghana's AML/CFT regime rests on the Anti-Money Laundering Act 2020 (Act 1044, amending Act 749), Companies Act 2019 (Act 992) beneficial-ownership provisions, and the newly passed Virtual Asset Service Providers Act (Dec 2025) bringing crypto under Bank of Ghana/SEC supervision. The Financial Intelligence Centre anchors the FIU function; EOCO investigates and prosecutes economic crime. Delisted from the FATF grey list in 2021, Ghana remains in GIABA's enhanced follow-up process with residual technical-compliance gaps.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Ghana", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Sanctions: FATF listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Gap: sourcing-thinness", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: capacity-deficit", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-004)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w12-correspondent-banking-settlement-access", "standing_position": "GhIPSS (BoG subsidiary) operates national settlement; banks and non-bank FIs access PAPSS via GhIPSS, settling in hard currency via Afreximbank; 19 GH banks live on PAPSS; de-risking and FX-access remain structural constraints.", "findings": [ { "finding": null, "instrument_type": "settlement_operator", "source": "https://en.wikipedia.org/wiki/Ghana_Interbank_Payment_and_Settlement_Systems", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "settlement_access", "source": "https://www.trade.gov/market-intelligence/pan-african-payment-and-settlement-system", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "de_risking", "source": "https://www.tralac.org/documents/events/tralac/5864-2025-conference-two-pager-papss/file.html", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "participation", "source": "https://www.prudentialbank.com.gh/business/trade/pan-african-payment-and-settlement-system-papss", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "access_barrier", "source": "https://www.researchgate.net/publication/393945377_Open_Access_Regulatory_Barriers_to_the_Pan-African_Payment_and_Settlement_System_PAPSS_under_AfCFTA_Multi-Country_Analysis_for_Enhanced_Intra-_African_Trade", "source_url": null, "source_tier": "3", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "Assessed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/ghana/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity concentrated in fintech/payments; ~$120-127m raised across ~38 deals in 2025; Zeepay Series B (Visa-led) and debt facility; enza Ghana market entry; Telecel-AirtelTigo merger as the structural deal.", "findings": [ { "finding": null, "instrument_type": "funding_round", "source": "https://www.jbklutse.com/ghana-startups/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "debt_facility", "source": "https://tracxn.com/d/companies/zeepay/__6JDDNeRv6FPocq-Q3THTnXWqRcCvZAzXmSDXcBXmorY", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "market_entry", "source": "https://launchbaseafrica.com/2026/06/11/fintech-margins-under-pressure-as-pan-african-payments-race-reaches-ghana/", "source_url": null, "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "merger", "source": "https://techpoint.africa/news/telecel-airteltigo-vs-mtn/", "source_url": null, "source_tier": "3", "retrieved_at": null } ] } ] }