Bank of Ghana Governor Urges Increased Investment in African FinTechs to Propel Innovation

bank of Ghana

Governor of the Bank of Ghana, underscored the critical importance of increasing investments in African FinTechs to drive innovation across the continent. He cautioned that a dearth of such investments could impede the pace of technological advancement and hinder the scalability of solutions aimed at achieving a digitally transformed Africa.

Speaking at the commencement of the three-day 3i Africa Summit themed “Unleashing the FinTech and digital economic potential of Africa,” Dr. Addison articulated the summit’s vision of Africa’s role in the digital realm and the collaborative efforts set forth for the ensuing days.

The summit, a joint effort by the Bank of Ghana and Development Bank Ghana, in collaboration with the Monetary Authority of Singapore through its subsidiary, Elevandi, offers a unique platform for both public and private sector stakeholders to delve into technological innovations, FinTech breakthroughs, and financial policies aimed at revitalizing the digital financial services landscape to bolster Africa’s socio-economic development.

Addressing the pressing challenges faced by local FinTechs, Dr. Addison emphasized the crucial need for increased investor visibility. He noted that without adequate capital infusion, promising FinTech startups with groundbreaking solutions to address diverse financial service needs might falter in their journey from conception to implementation.

Reflecting on the transformative impact of technology on global affairs, Dr. Addison highlighted how technological advancements, particularly in the payment ecosystem, have revolutionized business transactions, reshaped consumer behavior, and redefined commerce dynamics.

“Presently, we stand on the precipice of a global digital era, especially with artificial intelligence, and there is now a sense of urgency for Africa to accelerate the digitalisation agenda through the 3is of innovation, investment, and impactful policies to boost economic growth and development,” he remarked.

Drawing attention to Africa’s unique advantages in the digital race, Dr. Addison lauded the continent’s youthful population, widespread mobile phone penetration, and the proliferation of indigenous FinTech solutions. He cited the burgeoning online presence of Micro, Small, and Medium-sized Enterprises (MSMEs) as evidence of the transformative potential of the FinTech sector, facilitated by regulatory reforms and the modernization of payment system infrastructure, including mobile money interoperability.

As the 3i Africa Summit unfolds, stakeholders are poised to engage in robust discussions and collaborative efforts aimed at harnessing the transformative power of FinTech to propel Africa into a new era of digital prosperity.

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