FinTech Market Watch www.knowledgeinnovations.com Insights as at October 2021
To provide insights into Ghana’s fledgling Financial Technologies (FinTech) Market, Knowledge Innovations, a leading consultancy working at the intersection of Financial Technologies and Emerging Technologies, has issued Ghana’s first FinTech Market Watch on the FinTech industry’s performance in context of mobile apps popularity with consumers.The results show that over 6.6 million users consume FinTech products via mobile apps based on 70 firms surveyed on the mobile apps market.The findings point to Fido Ghana as the leading mobile apps among Ghanaians, followed closely by Fidelity Bank, and coming in third place is LendingPapa; the top 10 are shown in the chart below:
Out of 23 licensed banks in Ghana, only 5 traditional banks made it to the top 10 mobile apps, namely Fidelity Bank, SC Mobile, Cal Bank, ADB Mobile Banking and UMB SpeedApp. Given that financial services are the fortitude of traditional banks, it was expected that they should increase their market reach on these platforms if they are going to maintain their competitive edge.
The data collection for this research took place in September 2021 using nine key words: FinTech Ghana, Financial Technologies Ghana, Lending Ghana, Personal Finance Ghana, Banking Ghana, Investment Ghana, Pension Ghana, Insurance Ghana, Savings Ghana in the Google Play store, where users of android devices, which is the most popular mobile phone operating software among majority of mobile phone users in Ghana.
This research excluded mobile apps for iOS device users on Apple App store. The exclusion is based on the few numbers of iOS device users coupled with few mobile apps in this category in the App store.
International Mobile Apps offered on the Ghanaian market were excluded since it was challenging to disaggregate users’ data in Ghana. Also, Mobile Apps that offered general services and financial services were excluded because the researchers could not differentiate between users of financial and non-financial services.
Kwami Ahiabenu, II, Tech Innovations Expert and Director at Knowledge Innovations said, “ we are very excited to announce Ghana’s first FinTech Market Watch focusing on Mobile Apps, with over 41.8 million as of April 2021 according to Ghana’s National Communication Authority mobile users in Ghana which far exceeds its population of 30.8 million according to provisional results from the 2021 Population and Housing Census (PHC); meaning, mobile apps have become very critical since it offers an important tool in the hands of many Ghanaians with huge potentials. The advantages offered by mobile apps beyond what SMS or USSD can offer means it is a data-rich source coupled with its ability to offer a wide range of financial services to consumers supporting cash-lite policy and creating a path for financial inclusion.”
The next FinTech Market Watch is expected to be issued in November 2021, focusing on how the industry relies on social media channels to reach and support service delivery. According to Hootsuite, there are over 8.20 million social media users in Ghana as at January, 2021 which represents 26.1% of its total population, leveraging social media is vital in a number of ways.
To have access to complete data set for “The Most Popular FinTech Apps in Ghana, FinTech Market Watch research” click here