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Breaking the Myth: Governance as an Enabler, Not a Barrier, in FinTech

Businesses, corporations, and institutions perform best when they are properly governed and effectively managed. This is especially important in Ghana’s FinTech industry, which is still young and expanding. Strong governance is essential for ensuring sustainability, maintaining public trust and confidence, and supporting the overall stability of the financial ecosystem. Accordingly, promoting a well-governed FinTech sector remains a key priority for the regulator.

In Ghana, past financial sector reforms, particularly those that led to the resolution of several banks, savings and loans companies, and numerous microfinance institutions, were largely driven by underlying weaknesses such as poor governance practices, inadequate risk management, and overly complex, unsustainable business models.

Similarly, on the global stage, events such as the 2008 financial crisis, which officially began in December 2007 and ended in June 2009, and the 2023 banking turmoil, which saw the collapse of several US regional banks and Credit Suisse in Europe, have also been linked to weak risk management and unsustainable business models. These are clear examples of the consequences of poor governance.

Despite clear evidence of the importance of sound governance, some FinTech companies have yet to fully appreciate its value in their operations. Founded by technology-native entrepreneurs, these companies often perceive strong governance frameworks and practices as restrictive, believing they hinder innovation, introduce unnecessary bureaucracy, and reflect outdated approaches that do not align with the fast-paced nature of FinTech. As a result, good corporate governance is sometimes viewed as a barrier rather than an enabler.

This perception stems from a limited understanding of the purpose and practical value of governance practices. In reality, effective governance supports sustainable growth, strengthens risk management, and enhances credibility with stakeholders.

Against this backdrop, this article seeks to provide practical insights into key corporate governance practices that can add value to FinTech firms within the Ghanaian ecosystem and support their long-term success.

To begin with, it is important for start-ups to establish a Board of Directors that is appropriate to their size and stage of growth. The Board is responsible for setting the strategic direction of the company, providing effective oversight, and ensuring sound risk management. The presence of a Board, as the highest decision-making body to which Management is accountable, introduces an important system of checks and balances, thereby strengthening accountability and governance.

Although appointing a Board may be challenging, particularly for founders who built their businesses independently, it is a critical step towards building a strong and sustainable institution. There should be a formal and structured arrangement to ensure that the Board meets regularly to deliberate on key matters affecting the company, including its operations and financial performance. These meetings also serve as a platform for holding the Board accountable for its oversight responsibilities. It is for this very reason that, for regulated entities, the regulatory framework often mandates the establishment of a Board of Directors.

Furthermore, the roles of Board Chairperson and Chief Executive Officer (CEO) should be held by separate individuals. Combining these roles can undermine the purpose of the Board, as it limits independent oversight and concentrates too much authority in one person. Separating them, however, helps to ensure effective governance by enhancing accountability and promoting balanced decision-making.

Another important area for FinTechs is the establishment of strong and resilient internal control systems. These controls help provide assurance that operational and financial information is reliable, timely, and accurate. Effective internal controls also help identify weaknesses or gaps in processes early, allowing Management to take corrective action to address them. In addition, they support compliance with regulatory requirements, reduce the risk of fraud and errors, and enhance overall operational efficiency.

It is important to note that remuneration structures in FinTech companies should be aligned with the size of the business, its financial position, and the roles and responsibilities of employees. Although aligning pay structures with industry rate benchmarks is useful, start-up founders who pay themselves disproportionately high compensation may place financial strain on the company and reduce its available resources. A well-designed and balanced remuneration framework helps promote fairness, control costs, and ensure that resources are used prudently. Ultimately, a sound remuneration structure supports the long-term sustainability and growth of the business.

In conclusion, strong corporate governance should not be seen as a constraint but as a critical enabler of sustainable growth and innovation within the FinTech sector. For a young and rapidly evolving industry such as Ghana’s, the long-term success of FinTech firms will depend not only on technological superiority but also on the strength of their governance frameworks.

The lessons from both local and global financial sector challenges are clear: weak governance, poor risk management, and unsustainable business practices ultimately undermine confidence and lead to failure. FinTechs that embrace sound governance practices through effective boards, clear accountability structures, robust internal controls, and prudent remuneration frameworks are better positioned to build resilient, credible, and scalable businesses. As the industry continues to grow, stakeholders must recognise that trust is the foundation of financial services. Good governance builds trust, attracts investment, strengthens regulatory compliance, and ensures stability within the broader financial ecosystem.

Ultimately, FinTech firms that embed governance at the core of their operations will not only meet regulatory expectations but will also gain a competitive advantage, ensuring they remain innovative, resilient, and sustainable in the long term.

Magnitude 6.4 quake hits Sarangani; aftershocks expected

A magnitude 6.4 earthquake jolted Sarangani shortly past noon yesterday, and was expected to generate aftershocks, according to the Philippine Institute of Volcanology and Seismology.

Phivolcs said the quake occurred at 12:14 p.m., with its epicenter located 37 kilometers southwest of Balut Island.

The quake, which was tectonic in origin, was initially reported to be magnitude 7.1, but was later downgraded by state seismologists.

It was felt at Intensity 5 in Glan, Sarangani.

Intensity 4 was felt in Alabel, Kiamba and Malungon in Sarangani, and Tupi and Polomolok in South Cotabato as well as in General Santos City.

Intensity 3 was felt in Maasim, Maitum and Malapatan in Sarangani, and Lake Sebu and Tampakan in South Cotabato.

Intensity 2 was recorded in Banga, Koronadal and Surallah in South Cotabato.

Phivolcs said the quake was an aftershock of the magnitude 7.8 temblor that struck Sarangani in June.

Phivolcs director Teresito Bacolcol said the 6.4 temblor occurred 50 kilometers from the epicenter of the 7.8 magnitude quake, making it an aftershock of the powerful quake.

Bacolcol said that yesterday’s quake caused the sea level to rise by about 20 centimeters.

Court operations suspended

The quake prompted court administrators and officials in General Santos City and Sarangani to suspend work.

Judges Dennis Velasco and Paulo Aquino of General Santos City and Sarangani, respectively, suspended court operations starting 1 p.m.

Filing and submission of time-bound pleadings, and issuance of court resolutions and decisions were deferred.

Amid the suspension, the courts were ordered to remain accessible through their hotlines and email accounts.

Judges and clerks of court were directed to inspect and assess office premises, arrange necessary clean-up or maintenance works, and ensure that equipment, records and other properties are secured.

Ubani: School certificate omission doesn’t invalidate nomination

A Senior Advocate of Nigeria (SAN) and constitutional lawyer, Dr Monday Ubani, has said President Bola Ahmed Tinubu is not under constitutional obligation to submit his primary and secondary school certificates to the Independent National Electoral Commission (INEC).

Admitting that the controversy over the omission was not out of place, Ubani submitted during a during a current affairs radio programme yesterday that it does not amount to a legal breach.

He also spoke on the controversy over discrepancies in the names appearing on the academic credentials of National Democratic Congress(NDC) presidential candidate Peter Obi. The discrepancies are Obi’s West African Examination Certificate as well as University of Nigeria and National Youth Service Corps (NYSC) documents.

The publication of candidates’ credentials by the Independent National Electoral Commission (INEC) reignited public debate over the educational qualifications for the office of the President.

It prompted questions about whether a university degree alone satisfies the constitutional requirement or whether candidates must also submit their primary and secondary school certificates.

But Ubani said the issue should be viewed strictly from the standpoint of constitutional law rather than public sentiment.

‘It is about the law, not about maybe sentiment or bias, which I see flying about,’ the senior Lawyer said.

According to him, Section 131 of the 1999 Constitution only requires a presidential candidate to show evidence of having been educated up to school certificate level or its equivalent and does not expressly compel the production of primary or secondary school certificates.

‘The Constitution says that whosoever will run for the office of the president must possess, show that he has attained the level up to school certificate level,’ he clarified.

Ubani argued that the provision had been interpreted by the courts and that the law does not require candidates to physically produce school certificates. ‘There’s no legal compulsion that he must disclose his certificate, or he must show it. I’ll say that it’s only a moral issue and it has nothing to do with legal compulsion,’ Ubani said.

He maintained that while the omission of primary and secondary school certificates may fuel public debate over transparency and accountability, it does not amount to a constitutional violation.

The SAN pointed out that existing judicial interpretation of the Constitution makes a clear distinction between what is legally required and what may be considered morally desirable of a candidate seeking the country’s highest office.

‘There’s no constitutional compulsion to show a certificate, and there is a judicial pronouncement to that effect that the constitution does not require a certificate of production. It’s just for you to show that you have been educated up to that level,’ he added.

Ubani further explained that where a candidate submits a recognised university degree, the law presumes that such a person must have passed through the lower levels of education unless evidence is produced to prove otherwise.

‘If somebody has a degree, the presumption is that he must have passed through primary school, secondary school, and university… So it is for you now to rebut it,’ he said.

While defending the constitutional position, the senior lawyer admitted that the omission of lower educational qualifications raises legitimate questions of transparency.

Ubani noted that although the omission does not invalidate a nomination, candidates seeking public office should strive for openness.

‘I agree that ordinarily, whoever is submitting his credentials should have shown evidence of his primary school certificate and should have also shown evidence of his secondary school certificate. These are moral issues. These are issues of transparency.’

On INEC’s position that it merely publishes candidates’ documents for public scrutiny without verifying their authenticity, Ubani said the electoral body acted within the law.

‘There is no provision in the Act that gives INEC the supervisory role of authenticating and qualifying or disqualifying a candidate. The law now has provided a remedy for anyone who feels that whatever information that a candidate has given to INEC is false,’ he stated.

He maintained that INEC’s responsibility ends with making the documents public, leaving aggrieved persons to seek judicial redress where necessary.

On previous litigation over alleged certificate forgery involving Tinubu after the 2023 presidential election, Ubani said the Supreme Court did not determine the allegation on its merits.

‘I don’t think there was any judgement on merit at that time,’ he said.

According to him, procedural shortcomings prevented the apex court from making a substantive pronouncement on the allegation.

He added that educational qualification disputes are primarily pre-election matters and must be brought within the time prescribed by law after INEC publishes candidates’ particulars.

‘If you are challenging the certificate issue, this is the right time for you to do it within 14 days after the publication. If you fail to do it now under the new Act, I don’t think you can bring it up as a post-qualification issue.’

On Obi’s documents, Ubani said inconsistencies in names are not necessarily evidence of wrongdoing but must be properly documented.

‘It’s an issue now. Peter Obi has to give a reason why the change and all that. It’s an issue. There must be a public document to that effect.’

New Anthoney’s Group returns as official poultry supplier for MasterChef Sri Lanka Season 2

New Anthoney’s Group has confirmed its return as the Official Poultry Supplier for MasterChef Sri Lanka Season 2, extending a partnership that began with the show’s historic debut season. When the search begins again for the country’s finest home cooks, the chicken in the MasterChef kitchen will carry the same guarantee it always has: raised without antibiotics, verified by science, and produced by the company that has built Sri Lanka’s most rigorous poultry standard over four decades.

Masterchef Sri Lanka Season 1 premiered on 14 February 2026 on ITN under the theme ‘Sri Lanka on a Plate,’ the inaugural edition ran across 25 episodes and drew contestants from every corner of the island. Sanjula Manoj from Hasalaka emerged as the first-ever MasterChef Sri Lanka winner on 9 May 2026, earning the title through a competition that tested creativity, composure, and the ability to translate Sri Lankan culinary heritage into dishes of genuine refinement.

The judges, led by internationally acclaimed chef Peter Kuruvita alongside Savindri Perera, Rohan Fernandopulle, and Kapila Jayasinghe, set a standard of critique that matched the ambition of the format. As the 71st international adaptation of a franchise broadcast across 72 countries, MasterChef Sri Lanka proved in its first season that Sri Lankan food culture had more than enough to say on a global stage.

The decision to continue into Season 2 is not a formality. New Anthoney’s Group was the natural choice for Season 1 because no other producer in Sri Lanka can make the same claim: every bird raised without antibiotics at any stage of production, independently verified through a landmark five-year Memorandum of Understanding with the University of Peradeniya’s ISO/IEC 17025-accredited Food Safety and Quality Assurance Laboratory. That commitment does not change between seasons. If anything, Season 2 arrives with the standard better established and the audience better informed about what it means for what ends up on the plate.

‘We were proud to be part of Season 1 from the very beginning, and we are proud to be back for Season 2. MasterChef Sri Lanka has done something important: it has shown this country that its food is worth taking seriously, and that the ingredients behind the food matter just as much as the skill of the cook. New Anthoney’s has always believed that. This is exactly the platform where that belief belongs,’ said New Anthoney’s Farms Executive Director and Business Development Manager Eranga Kurukulaarachchi.

The partnership arrives at a moment of considerable momentum for the Group. Earlier this month, the International Finance Corporation, the private sector arm of the World Bank Group, announced an investment of up to $ 10 million in New Anthoney’s Farms Group, backing the company’s plans to expand production capacity, strengthen its smallholder farmer network, and scale its export operations.

For Season 2 contestants, the kitchen starts with a material advantage: produce that is certified to FSSC 22000, ISO 22000, HACCP, and GMP standards, with international Halal certification and a GHG Verification Statement under ISO 14064-1:2018, certified by Control Union Netherlands. New Anthoney’s is also the only poultry company in Sri Lanka with that environmental credential.

Across its retail portfolio, the Group operates the HarithaHari antibiotic-free range in Sri Lanka’s first fully compostable poultry packaging, the Crizzpys ready-to-eat frozen range, the Chicken Havens HORECA line for professional kitchens, and the Meatlery luxury meat retail network. Season 2 contestants will be working with a product that the country’s most discerning chefs and its most ambitious export buyers have both signed off on. That is not a sponsorship talking point. It is simply what the standard requires.

Expo Commodities Global opens new processing facility

Expo Commodities Global, Aberdeen Holdings’ spice and speciality products arm, has strengthened its presence in Sri Lanka through a strategic investment in a dedicated organic spice processing facility in Colombo, marking an important milestone in the company’s continued growth.

Developed in response to increasing global demand for organic ingredients, the facility enhances Expo Commodities Global’s processing and export capabilities, with a focus on efficiency, consistency and quality across its operations. It strengthens the company’s ability to deliver trusted Sri Lankan spices to global customers with the reliability and care expected across international food and ingredient markets.

Supported by carefully managed sourcing and quality assurance processes, the facility is positioned to meet the requirements of key international organic standards, including USDA NOP, EU Organic, JAS and Bio Suisse. Through direct sourcing from farmer groups and quality verification at every stage, from processing to final dispatch – the operation is designed to maintain product integrity, traceability and consistency across the supply chain.

The facility also supports the communities behind Sri Lanka’s spice sector by sourcing directly from farmer groups, creating employment across processing, quality assurance and logistics, and retaining greater value within the local supply chain.

Achimota Forest Prayer Camp Fee Increased To GHS10

Reports circulating on various media platforms reveal that the government has increased the entry fee from GHS1 to GHS10 for people who pray in the Achimota Forest.

The new fee, which took effect on August 1, 2026, pegged GHS10 for adults while kids over three years are to pay GHS5 for use of the forest reserve located in the Greater Accra Region.

As of now, the Ministry of Lands and Natural Resources and the Forestry Commission have not announced any fee or levy for religious activities in the forest.

People who visit the Achimota Forest for daily prayers have expressed strong dissatisfaction over the sharp increase in the entry fee.

Speaking to Nana Kwasi Ampofo of Oman FM, the Public Relations Officer of the Achimota Pastors Association, Prophet Samuel Asare, said the association has petitioned Parliament and the Forestry Commission over the increment and is awaiting a response after Parliament resumes from recess.

Prophet Asare lamented the lack of basic facilities at the prayer grounds, including traffic lights to prevent accidents, washrooms, and shelters, forcing worshippers to pray at the mercy of the weather.

He added that, aside from the daily GHS1 entry fee, worshippers also pay a monthly permit fee of GHS20. He further alleged that the association was informed on Wednesday that worshippers who declined to pay the new GHS10 fee could continue paying GHS1 without being issued tickets.

However, he said the association could not accept such an arrangement, insisting that worshippers should be issued tickets after paying to access the prayer grounds. ‘Stealing and prayer do not mix because dishonesty breaks trust with God and others. True prayer requires a clean heart, therefore they cannot compromise.’

He further disclosed that the Forestry Commission also rents chairs to worshippers at GHS2 per chair in addition to the daily entry fee. Prophet Asare said the prayer grounds attract no fewer than 2,000 worshippers every day.

He appealed to President John Dramani Mahama to intervene by reviewing the charges, stressing that worshippers are not refusing to pay but believe the tenfold increase is excessive. He also expressed concern that children between the ages of 3 and 18 who accompany their parents to pray are now required to pay GHS5 before being allowed entry.

He noted that the Forestry Commission has designated about 120 prayer porches within the forest for religious activities, and argued that maintaining the previous GHS1 charge would have encouraged patronage instead of driving people away.

Over the years, one issue drawing public attention is the use of sections of the forest for religious activities, including prayer camps, overnight vigils, and large gatherings. Conservationists argue that protected forest reserves should not be used for activities that may damage fragile ecosystems. They cite littering, vegetation clearing, open fires, human waste, and noise pollution as consequences of such gatherings.

While government is yet to issue official statement, the focus, according to the Lands Ministry, remains on restoring protection and preventing encroachment and misuse of the reserve.

CSE recovers on positive sentiments

The Colombo stock market yesterday recovered from a bear-run to close on the up with turnover exceeding Rs. 8 billion.

The ASPI ended up 0.4% or 84.86 points at 21,166.94 and the S and P SL20 was up 0.14% or 8.15 points at 5,945.09.

Market turnover was nearly Rs. 8.5 billion on over 82 million shares traded. Foreign investors remained net sellers, posting a net outflow of Rs. 4.9 billion.

First Capital Research said easing concerns over global energy prices and renewed buying interest in selected blue-chip counters, lifted the market during the session. HNW participation remained high, while retail participation was at average levels. Main positive contributors to the ASPI were CARG, DOCK, GRAN, RIL, and MELS.

The Rs. 8.5 billion turnover marked an increase of 337.8% over the monthly average of Rs 1.9 billion. The food and staples retailing sector led the daily turnover with a share of 48%, followed by the capital goods, and diversified financials sectors collectively contributing 40%.

Asia Securities Research said the day’s turnover was largely supported by large crossings, which accounted for 73% of the total. CARG (Rs. 4.1 billion) and HAYL (Rs. 2.2 billion) recorded the highest traded values during the session.

The net foreign outflow was led by CARG (Rs. 4.1 billion), while market breadth turned positive with 124 positive contributors and 87 negative contributors.

Hope At Last For River Offin Communities

AFTER DECADES of risking their lives to cross the River Offin on canoes and wooden boats, residents of Ntobroso and surrounding communities in the Atwima Mponua District of the Ashanti Region are set to heave a sigh of relief as construction of a major bridge over the river has commenced.

The project is being undertaken by Ede3n Na Nyame Ntumi Ny3 Group of Companies in partnership with the Atwima Mponua District Assembly to provide a permanent solution to the perennial transportation challenges confronting residents.

For years, communities along the River Offin were cut off during the rainy season, forcing residents, traders, farmers and schoolchildren to rely on canoes to cross the river. The dangerous means of transportation has claimed several lives and left many others injured.

The District Chief Executive for Atwima Mponua, Ibrahim Issahak, described the situation as alarming, revealing that at least 10 people have lost their lives this year alone in canoe accidents on the River Offin.

According to him, the canoe frequently loses control during heavy rains, leading to fatal accidents.

He said the bridge would not only save lives but also improve access to markets, schools and healthcare facilities, facilitate the movement of people and goods, as well as stimulate economic growth in Ntobroso and neighbouring communities.

Ibrahim Issahak commended Ede3n Na Nyame Ntumi Ny3 Group of Companies and its Chief Executive Officer, Nana Adu Gyamfi, for partnering with the Assembly to undertake the life-changing project, describing it as a shining example of the public-private partnerships needed to accelerate development in deprived communities.

Speaking to DAILY GUIDE, Nana Adu Gyamfi said the plight of residents deeply moved him and inspired his decision to intervene.

‘Every rainy season, our people risk their lives just to cross this river. The canoe accidents and deaths must stop. That is why my company has partnered with the District Assembly to construct a strong and durable bridge for the people of Ntobroso,’ he stated.

He noted that the bridge would provide residents with safe and reliable access throughout the year and eliminate their dependence on the dangerous canoe crossing.

Nana Adu Gyamfi appealed to government, corporate institutions, non-governmental organisations (NGOs) and philanthropists to support similar interventions in deprived communities across the country.

He also called on the government to intensify rural development by improving road infrastructure, providing school furniture and addressing other pressing challenges confronting rural communities.

The businessman attributed his passion for community development to the inspiration he received from his uncle, Mr. Danso, whom he described as a great community developer who believed that true leadership is measured by the impact made in the lives of ordinary people.

Wike has crossed the line, needs medical attention – Bode George

Elder statesman and Peoples Democratic Party (PDP) chieftain, Chief Bode George, has responded to FCT Minister Nyesom Wike’s description of him as the ‘father of corruption’, accusing the minister of crossing the line and saying he needs urgent medical attention.

George, a member of the PDP Board of Trustees, made the statement while reacting to Wike’s allegation that his Abuja residence was acquired with funds belonging to Rivers State.

The PDP chieftain dismissed the claim as false, insisting that he bought the property from a private owner through an agent.

‘My house in Abuja was bought with funds from Rivers? How? The house was built by someone else. I bought it, and it is still there,’ George said.

He said he would institute legal action against Wike over the allegation, describing the claim as unacceptable.

George said it was beneath his dignity to engage the FCT minister in a public exchange, describing Wike as immature compared with his age and political experience.

He also accused Wike of making reckless statements and alleged that the minister spends millions of naira weekly on media coverage, though the claim could not be independently verified.

The elder statesman urged President Bola Tinubu to distance himself from what he described as ‘attack dogs’, saying the President did not need individuals who insult political opponents and senior citizens.

On the crisis within the PDP, George said the party’s internal problems remained unresolved despite the emergence of a presidential candidate by the Independent National Electoral Commission (INEC), noting that the matter was still before the courts.

Applications open for CMA Excellence in Integrated Reporting Awards – 2026

The Institute of Certified Management Accountants (CMA) of Sri Lanka has announced that applications are now open for the CMA Excellence in Integrated Reporting Awards – 2026, Sri Lanka’s premier recognition program for organisations demonstrating excellence in Integrated Reporting and value creation.

Now in its latest edition, the Awards continue to promote global best practices in corporate reporting while encouraging organisations to adopt integrated thinking, transparency, accountability, and long-term value creation.

Introducing 10 Best Sustainability Report Awards

A key highlight of the 2026 Awards is the introduction of the “10 Best Sustainability Report” Awards, a new category established in response to the increasing importance of sustainability reporting and evolving global reporting standards.

As organisations place greater emphasis on environmental, social, and governance (ESG) performance, this new award recognises organisations that demonstrate excellence in sustainability reporting, transparent disclosures, stakeholder engagement, and sustainable value creation.

The introduction of this award reflects CMA Sri Lanka’s commitment to supporting organisations in adopting internationally accepted sustainability reporting practices while encouraging responsible and sustainable business conduct.