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Dr. Ernest Addison, the Governor of the Bank of Ghana, has unveiled the government’s plan to establish an Innovation Fund dedicated to fostering the advancement of the fintech industry.
Addressing the challenges faced by Ghana’s fintech sector during the launch of the 3i Africa Summit, Dr. Addison underscored the critical role of funding in unlocking the full potential of the fintech industry. He highlighted that insufficient capital has been a major impediment to the sector’s growth, hindering the progression of innovative ideas and prototypes into viable solutions for diverse financial service needs. Dr. Addison noted, “Without sufficient capital, brilliant ideas, and prototypes of fintech startups, solutions with the potential to address the diverse financial service needs have failed to progress to production. Furthermore, a fintech company is only as strong as its members. In that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent.”
While the Governor did not delve into specifics regarding the fund’s size or other modalities, the announcement signals the government’s commitment to addressing the funding gaps in the fintech ecosystem.
The 3i Africa Summit, initiated by the Bank of Ghana and Development Bank Ghana in collaboration with the Monetary Authority of Singapore, aims to unlock Africa’s untapped potential, with a primary focus on the Fintech and Digital Economy. Scheduled from 13th to 15th May in Accra, the summit’s theme is ‘From Innovation to Impact: Investing in Africa’s Financial Sector to Drive Africa’s Transformation’.
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