Govt to introduce Fintech Innovation to bolster Start-ups to drive Ghana’s digital revolution

The Government intends to establish a FinTech Innovation Fund to bolster Start-ups and propel Ghana’s digital transformation.

Vice President Mahamudu Bawumia revealed this during the official press launch of the inaugural 3i Africa Summit in Accra on Monday.

Scheduled for May 13-15, 2024, under the theme “Unleashing Africa’s FinTech and Digital Economic Potential,” the three-day summit is organized by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in collaboration with Elevandi, a subsidiary of the Monetary Authority of Singapore.

The event aims to convene governments, businesses, policymakers, academia, investors, and thought leaders to explore and collaborate on unlocking Africa’s fintech and digital economy potential.

Vice President Bawumia, a staunch advocate of Ghana’s national digitalization agenda, emphasized the critical role of fintech in driving the country’s digital revolution, highlighting the necessity of financial support for their growth and success.

He urged all stakeholders in the fintech and digital sector to collaborate in enhancing legislative and regulatory frameworks to bolster Ghana’s payments ecosystem and foster sustained financial inclusion.

Dr. Bawumia emphasized the transformative potential of technology in boosting productivity and connectivity, empowering individuals, fintech startups, and small to medium-sized enterprises to drive innovation and efficiency.

Over the past seven years, the Government has prioritized a digital transformation agenda to advance economic strategy at both individual and institutional levels, he highlighted.

“The objective is to ensure digital empowerment for a prosperous future in this accelerated digital era, where the use of modern and emerging technologies have become commonplace and a catalyst for growth, progress, and prosperity,” Dr Bawumia stated.

In this regard, the Vice President highlighted the Government’s plan to establish a Fintech and Innovation Fund aimed at providing crucial investment support to startups and local fintech enterprises, driving Ghana’s digital advancement.

The Minister of Finance, Dr. Amin Adam, echoed the significance of backing startups and local businesses as integral contributors to Ghana’s economy. He affirmed the Government’s dedication to implementing programs fostering internal growth, particularly focusing on small business development.

To address SME financing challenges, the Bank of Ghana, in collaboration with the Development Bank Ghana (DBG) and the University of Ghana Business School (UGBS), launched the MSME Innovative Finance Project. This research study aims to identify current and emerging obstacles in SME financing in Ghana.

DBG has played a pivotal role by fostering collaboration among key stakeholders such as the Bank of Ghana, University of Ghana, and various government agencies and commercial banks. Their efforts align with their mandate of supporting SMEs to drive economic transformation.

The 3i Africa Summit is a fintech festival designed to promote Innovation, Investment, and Impact for Africa’s Fintech and Financial Services sectors. Jointly developed by the Bank of Ghana, the Monetary Authority of Singapore, Development Bank Ghana, and supported by Elevandi, the summit aims to facilitate transformative discussions, address growth and investment opportunities, and explore digital transformation in the financial ecosystem to drive Africa’s Fintech growth.