{ "jurisdiction_id": "GH", "jurisdiction": "Ghana", "url": "https://payments.gi/jurisdictions/ghana/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "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": true, "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": false, "url": "https://payments.gi/jurisdictions/ghana/#w3-operational-resilience-critical-infrastructure", "standing_position": "Operational resilience is anchored by BoG's Cyber & Information Security Directive (CISD, October 2018), a ~131-page directive requiring ISMS/ISO 27001 certification and PCI DSS compliance, applicable to banks, SDIs, PSPs and fintechs. BoG established the Financial Industry Command Security Operations Centre (FICSOC) and is the Sectoral CERT for finance. A revised CISD (exposure draft 2025, CISD 2026) adds AI/ML governance, cloud restrictions and data-localisation rules.", "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": false, "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 } ] } ] }