The Government is set to establish a FinTech Innovation Fund to bolster start-ups and propel Ghana’s digital revolution, as announced by Vice President, Mahamudu Bawumia during the press launch of the inaugural 3i Africa Summit in Accra.
Scheduled for May 13-15, 2024, the three-day summit, themed “Unleashing Africa’s FinTech and Digital Economic Potential,” 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 summit aims to bring together key stakeholders, including governments, businesses, policy-makers, academia, investors, and thought leaders, to discuss and collaborate on unlocking Africa’s FinTech and digital economy potential.
Vice President Bawumia, a champion of the government’s national digitalization agenda, emphasized the significance of supporting FinTech financially to drive Ghana’s digital revolution.
He encouraged collaboration among FinTech and digital industry stakeholders to enhance the legislative and regulatory environment for improved payments ecosystems and sustained financial inclusion.
Highlighting the transformative power of technology, Dr. Bawumia underscored the government’s seven-year focus on digital transformation, emphasizing the objective of ensuring digital empowerment for a prosperous future.
In line with this commitment, the government plans to establish a FinTech and Innovation Fund to provide essential investment for startups and local FinTech companies, fostering the growth of Ghana’s digital revolution.
Finance Minister Dr. Amin Adam, present at the occasion, reiterated the government’s dedication to supporting startups and local businesses, recognizing their key role in the Ghanaian economy. He emphasized the importance of generating growth from within, with a particular focus on the growth of small businesses.
The 3i Africa Summit, a FinTech festival designed to drive Innovation, Investment, and Impact for Africa’s FinTech and Financial Services sectors, aims to spearhead transformative discussions, address growth and investment opportunities, and pioneer dialogues and actions to propel Africa’s FinTech growth.