Kwami Ahiabenu,II Knowledge Chief

Coding is the power that enables a lot of tech driven services to function. Coding can be described as a process of using a computer language to develop software services or a product that works in software development environments based on specific deployment processes and testing protocols.  A computer code performs the function of communication; creating a set of instructions which tell a computer software what to do and how to do it in a fast and efficient manner. Coders or programmers or developers are persons who acquire specific skills in writing code using either one or a combination of several programming language. Through coding, a number of software are created for a wide range of use and without coding, we cannot have websites, online platforms or mobile apps. In terms of classification, we can characterize codes into three types; low-level, high-level and object-oriented coding languages. Low level languages are dissimilar to human language and require in-depth knowled...

Ghana’s fintech space can accelerate its rate of Fintech innovations if there is a deeper collaboration between educational institutions, research entities and businesses, this assertion came to light during a two-day hybrid Fintech and Innovations course organised by Knowledge Innovations, Ghana Fintech and Payments Association in partnership with Global Centre for Fintech Innovations, providers of course certification. The course topics includes financial technologies and digital transformation, Fintech key trends and applications, technologies and innovations driving Fintech; FinTech Legal and regulatory framework; fintech and Innovation; The Ghanaian Perspective, understanding cyber security risks in fintech; Emerging technologies driving Fintech and Innovation Strategy; Developing Your Fintech strategy. The participants were taken through practical steps on how to apply key lesson learned in their day-to-day work activities. The course was facilitated by leading experts in Ghana’s...

Experts have called on the fintech industry to invest in compliance, especially ensuring adequate adherence to anti-money laundering rules and other relevant regulations. This call was made when the Ghana Fintech and Payments Association, in partnership with the e-Crime Bureau, organised a highly informative session on strategies for Fintech actors to ensure compliance with anti-money laundering (AML) rules. During this forum, the presenters took participants through some vital discussions and shed more light on issues in the fintech ecosystem pertaining to compliance and anti-money laundering issues in Ghana and on the international stage.  The event was attended by participants from banks, microfinance institutions, fintech startups and companies, tech law firms and the business community. Martin Kwame Awagah, President of the Ghana Fintech and Payments Association, moderated the session which saw a tech innovations consultant and scrum-master, Dr. Kwami Ahiabenu II of Global Cen...

Mobile money is now the most preferred digital means of payment in Ghana. The simplicity of mobile money services is one of the reasons for its popularity. Anyone with any type of phone can consume mobile money services by registering a mobile wallet, which serves as a store of value. Mobile money users can also send and receive money, make payments and consume myriad services including insurance, pensions and loans from the mobile phone. Mobile money service is organised around several players, namely the money phone provider, typically Mobile Network Operators (MNOs) who are licensed as Electronic Money Issuers (EMIs) by the Bank of Ghana. MTN Ghana, Airtel Tigo and Vodafone Ghana are all MNOs offering mobile money services. Furthermore, Ghana Pay is offered by a consortium of banks in Ghana, while G-money is a service by GCB Bank, and Zeepay, a Fintech company. These six companies are serving over 27 million registered mobile money accounts, with MTN holding the title of market lead...

  Nigeria was the first African country and a significant economy to launch Central Bank Digital Currency – eNaira on Oct. 25, 2021. According to The Central Bank of Nigeria (CBN) governor, Godwin Emefiele, since its inception until August 2022, the eNaira has recorded only 840,000 downloads. Emefiele made this announcement at the eNaira Hackathon platform held to promote and develop more digital currency use cases and add on innovative products, thereby giving the eNaira platform more functionality. Currently, the 270,000 active eNaira wallets are made up of 252,000 consumer wallets and 17,000 merchant wallets. The eNaira platform recorded over 200,000 transactions valued at over N4 billion ($9.5 million). This would be a drop in an ocean if you situated these eNaira statistics within the context of Nigeria’s population of 206.1 million (2020), 201.31 million (2022) mobile phone subscribers, and the value of mobile money transactions valued at  N4.86tn (11,419 B USD) . Also, ...

  This paper discusses critical considerations in the design of central bank digital currency (CBDC) in West Africa through a comparative case study of Ghana’s (eCedi) and Nigeria’s (eNaira) design frameworks. This paper analyses CBDC design options framed through context (digital payment landscape and CBDC objectives), technical aspects (design principles, architecture, risks), use cases, and deployment plans. This study conducted a thematic analysis of official CBDC design documents to identify similarities, differences, and patterns. The results indicate more similarities between the eCedi and eNaira designs than differences. Differences were observed in the CBDC deployment context, risk profiles, and plans. Surprisingly, neither country has articulated the detailed legal and regulatory environments for CBDC. This paper highlights the use of CBDC designs to promote citizens’ welfare by using financially inclusive policy goals within central banking’s welfare functions, thereby e...

Kwami Ahiabenu,II   Technology is now deeply interwoven into the fabric of elections. Electoral management bodies, political parties, civil society actors, observers and citizens are all relying on one digital technological tool or another to ensure effective conduct and participation in elections. Political parties are beginning to understand that without investments in this area their quest to win or retain political power at elections may not be achievable. Given this background, political parties have begun to evolve mechanisms and systems to ensure they are able to effectively connect with their base as well as with prospective supporters. The use of digital technologies by political parties can be segmented into five key areas; campaign events, fundraising, community management and mobilization, results management such transmission of from results from polling centers to collation center electronically and operational structure management.   Ways in which technology is u...

Kwami Ahiabenu ll The certainty of change for everything, including the internet, is a given. The changes we witness in the evolution of the Internet means significant new exciting services are driving the growth of many online applications. The first iteration of the Internet, web1 was static, made up of weblinks and homepages; then web2 came along, enabling users to create their own content seamlessly. Though web2 helped user content generation, the large tech companies providing services on the Internet had greater control and ownership of this user content. Web3 which describes the manifestation of a new iteration of the Internet anchored on blockchain technology, decentralisation and tokenisation among others, offers a unique opportunity to bring the Internet back to the control of users. The term “Web 3.0” was coined by Gavin Wood, co-founder of Ethereum, in 2014 to describe his vision of the future of the Internet. Currently, web3 remains an evolving idea, and a work in progress...

  Ghana’s Financial Technology (FinTech) state of play 2022 Ghana’s Financial Technology (FinTech) is growing by leaps and bounds. The FinTech ecosystem in Ghana can be characterized as experiencing rapid transition from the “introduction to growth stage”. In the introduction stage there was a major lack of collaboration and interoperability was a far-off dream, with each FinTech working in a silo and jealously guarding its territory and trade secrets. The industry is now fully established with key institutional arrangements, capital flow, rising visibility as well as the entrepreneurship drive in place needed to sustain and grow this sector. The anchor of growth in the sector is placed squarely on the unmet demand for banking and financial services, the promise of solving financial inclusion challenges and achieving the goal of a cash-lite society in the short to medium term. Ghana’s FinTech industry is now contributing to the growth of Ghana’s economy with the potential of becomi...

  Launched in 2009, Bitcoin is the original cryptocurrency. It inspired a host of others to be created, but so far none can match Bitcoin’s popularity and market capitalization. Bitcoin stands tall among other cryptocurrencies because it is backed by industrial-scale mining operations that support its value, and it has managed to achieve regulated market status in countries such as Asia, US and Europe and found its way onto the balance sheets of some publicly traded companies like Microstrategy (MSTR), Tesla (TSLA), Galaxy Digital Holdings (BRPHF), Voyager Digital (VYGVF) and Square (SQ). Bitcoin mining, provides the mechanism to support the effective running of Bitcoin. Through the addition of blocks or transaction records of cryptocurrency based on a competition by miners, a sort of electronic ledger is opened and a process of validation by electronic means is set in motion; a blockchain. Each block on the network comprises a hash that is a unique 64-digit hexadecimal value conta...