Ghana has leapt forward in advancing its technology ecosystem with the launch of its first Artificial Intelligence (AI) and Payments Accelerator program. Spearheaded by eTranzact Ghana and Npontu Technologies, this initiative is designed to equip startups with funding, mentorship, and advanced tools to develop cutting-edge payment solutions.

The program comes at a time for Ghana’s rapidly evolving fintech industry, which is experiencing increasing demand for innovative approaches to enhance financial inclusion and streamline payment systems. By leveraging AI-driven technologies, the Accelerator seeks to empower startups to address these challenges and redefine the future of payments in Ghana.

Dr. John Obeng Apea, CEO of eTranzact Ghana, underscored Africa’s opportunity to lead global technological revolutions. “Africa missed the first, second, and third Industrial Revolutions. This initiative ensures we don’t just catch up but lead the upcoming revolutions,” Dr. Apea said.

Dr. Stephane Nwolley, CEO of Npontu Technologies, on the other hand emphasized the transformative role of AI in solving real-world problems. “We are poised to ensure the right inclusion and raise the African voice in the AI conversation. Our focus is not just on solutions but on building the workforce for the 5th Industrial Revolution,” he stated.

The Accelerator’s impact extends beyond Ghana, aligning with the African Continental Free Trade Area (AfCFTA) and initiatives like the Pan-African Payment and Settlement System (PAPSS). By enabling AI-powered cross-border payment solutions, the program aims to reduce transaction costs, boost trade, and support SMEs in scaling across African markets.

With applications opening in early 2025, the Accelerator is expected to solidify Ghana’s position as a hub for technological innovation, offering startups access to global markets through partnerships with entities like the Commonwealth Enterprise and Investment Council (CWEIC).

Experts like Mr. Martin Awagah, President of the Ghana Fintech and Payments Association, believe the initiative is crucial. “This Accelerator comes at a time when AI is reshaping the financial sector. Startups have the chance to create real-time solutions that benefit businesses and individuals alike,” he remarked.

Mr. Benjamin Gomado–Cobblah, Country Director of the Commonwealth Enterprise and Investment Council added: “We see great potential between these two giants in the Tech space. AI will have consequences in areas beyond the economy, including national security, politics, and culture. We look forward to working with eTranzact and Npontu Technologies across the 56 member countries of the Commonwealth”.