Ghana: Governor of Bank of Ghana Urges Increased Investments in African Fintechs at 3i Africa Summit

During the recently concluded 3i Summit organized collaboratively by the Bank of Ghana (BoG), Development Bank Ghana (DBG), and the Monetary Authority of Singapore (MAS) through its subsidiary, Elevandi, Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), underscored the importance of boosting investments in local fintech companies across Africa.

Under the theme “Unleashing Africa’s fintech and digital economic potential,” discussions, exhibitions, and networking sessions took center stage. Dr. Addison stressed that without adequate capital, promising ideas and prototypes of fintech startup solutions might falter in progressing to production.

In his address at the summit’s opening, Dr. Addison emphasized the criticality of regulatory compliance, linking it directly to the insufficient funding in the fintech sector. He emphasized that fintechs must possess the capability to navigate regulatory requirements and uphold compliance standards, which are indispensable, particularly within Africa’s financial landscape.

Furthermore, Dr. Addison highlighted Africa’s advantageous position in the digitalization race, attributing it to the continent’s burgeoning, tech-savvy youth population, extensive mobile phone penetration, expanding mobile network access, and the emergence of indigenous fintech solutions.

However, Dr. Addison cautioned against complacency, warning that the lack of adequate investment in African fintechs could impede the pace of innovation and the scalability of solutions needed to achieve the envisioned impact of a digitized Africa.

He noted that the remarkable mobile phone penetration, alongside a pool of local technology talents, has spurred the development of various fintech solutions, thereby broadening access to financial services for the unbanked and underserved populations.

Furthermore, Dr. Addison highlighted the positive impact of fintech on micro, small, and medium enterprises (MSMEs), noting that these enterprises now boast online presence, allowing them to extend their market reach beyond their localities of operation.