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Africa will become the epicenter of Fintech evolution and technology solutions – Bawumia

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Vice President Dr. Mahamudu Bawumia has highlighted Africa’s significant growth in mobile phone connectivity and internet penetration, positioning the continent as a fertile ground for the expansion of Fintech startups.

He emphasized that Africa’s population of 1.2 billion and a three trillion-dollar economy indicate that the continent is on track to become the hub of Fintech evolution and technological solutions.

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Dr. Bawumia urged Fintech startups and investors to create innovative financial solutions that address the unique challenges faced by African consumers and businesses. He encouraged them to pioneer new financial products and services to drive economic growth and development across the continent.

The Vice President made these remarks at the inaugural 3iAfrica Summit in Accra, held from the 13th to the 15th of May, 2024. The summit, themed “Unleashing the Fintech and Digital Economic Potential of Africa,” attracted innovators, investors, policymakers, and key stakeholders from the fintech and technology industries globally.

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Organized under the auspices of the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in partnership with the Monetary Authority of Singapore through its subsidiary, Elevandi, the summit aimed to foster collaboration and innovation in the fintech sector.

Dr. Bawumia also emphasized the need for fintech startups to showcase their market potential, ensure strict regulatory compliance, and maintain transparency to attract substantial investment into Africa.

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“Today, we delve into the dynamic world of FinTech in Africa, a landscape marked by rapid growth, innovation, and immense potential. The FinTech industry in Africa has experienced a significant surge over the past decade, driven by technological advancements, rising mobile phone penetration, and a youthful population eager to harness the transformative power of digital financial services,” Dr Bawumia said.

The Vice President highlighted that over the past three decades, African nations have implemented significant reforms in the formal sector, leading to remarkable strides in macroeconomic management. These efforts have resulted in increased economic stability and predictable growth rates in several countries. Additionally, national economies have become more open, fostering greater trade openness across the continent.

The Vice President emphasized the growing importance of the fintech sector as a pivotal driver accelerating the continent’s growth trajectory.

He noted that while African consumers and businesses were initially hesitant to embrace e-commerce, which represented only 1% of Africa’s $1 trillion economy in 2009, the landscape has since transformed significantly.

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