Major legal advisers/ external counsel: ENS AFRICA, Bensti- Enchill, Letsa & Ankomah (BELA), LAW TRUST COMPANY among others. 

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

My role includes, but is not limited to, managing legal and regulatory crises and ensuring all stakeholders are aligned, with all mitigating steps in place. A proper communication and stakeholder engagement plan, as well as appropriate controls, ensures that our organisation is proactive rather than reactive within the fast-paced fintech environment in which we operate. Keeping the regulators updated on new developments or challenges ensures that we balance our risks and close any gaps that may arise from these risks. Proper adherence to regulations and the law ensures that the organisation is fully compliant. It is essential that all departments within the company are in tune with our corporate strategy and all applicable laws, as this ensures we speak with the same tone, vision, and purpose. This then feeds into our business strategies at the departmental level and is adopted by all staff. 

In your opinion, what are the main trends that are salient in your country currently?

In Ghana, the promotion of financial inclusion has featured heavily across the country. In our fintech ecosystem, the need to bridge the gap between the economically marginalised and those with access to traditional financial services has been significantly reduced through mobile money services. The interoperability of these services across networks and payment systems has also put funds in the hands and pockets of many who would ordinarily not have had access to financial services. Financial inclusion is essential to poverty reduction, as electronic money issuers have created innovative products and services by collaborating with insurance companies and banking partners to roll out microinsurance and savings products that are readily available at the touch of a button on one’s phone. 

One of the limitations in advancing financial inclusion, however, has been the cost of transacting for customers, which was exacerbated by the introduction of the E-levy. The E-levy is a tax on electronic transactions introduced in 2022. It was not well received by the majority of the populace, as the cost of transferring funds and transacting became more expensive. This was evident in the fact that a reduction from the initial 1.5% charge on all electronic transactions to 1% led to an increase in transactions from a previous low. Hopefully, a zero-rated charge will be implemented by Parliament in the next year or so, which is likely to have a positive impact on consumer behaviour through increased transactions. 

In the last couple of years, there has also been a concerted effort to offer legal aid through the provision of legal services to the poor, as well as legal education, via the Legal Aid Commission. The Commission was established and given the mandate to ensure that indigents have free access to legal aid. This is indeed commendable, as the Commission has evolved from a scheme into a structured institution aimed at ensuring that the vulnerable can access legal services equitably.  

Are there any causes, business or otherwise, you are passionate about?

Promoting education on Type 1 diabetes in children.