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In a groundbreaking event for West Africa, Mastercard hosted its first-ever Mastercard Fintech Day in Accra, Ghana. This gathering brought together influential figures and thought leaders in the African fintech sector, making it a remarkable success.
As the African fintech landscape experiences unprecedented growth, financial technology has the potential to incorporate underserved populations into the digital economy. The Mastercard Fintech Day event served as a catalyst for ongoing collaboration and partnerships aimed at advancing financial inclusion and fostering innovation in Ghana.
Fintech companies in Ghana currently cater to the needs of the underbanked, unbanked, and affluent populations, bridging gaps left by traditional banks. According to McKinsey’s analysis, fintech players offer significant value to their customers, with transactional solutions being up to 80 percent cheaper and savings interest rates up to three times higher than those offered by traditional players.
Through the Fintech Day event, Mastercard showcased its extensive capabilities and unwavering commitment to supporting Ghana’s fintech ecosystem. This event fostered closer relationships and collaboration opportunities with the Ghanaian fintech community.
Bossman Kwapong, the Country Director for Ghana at Mastercard, expressed his enthusiasm, saying, “We are excited to host the first-ever Mastercard Fintech Day in Ghana. This event represents a significant milestone in our journey towards empowering communities, promoting financial inclusion, and fostering innovation. By working together with the fintech community, we can unlock new opportunities, drive economic growth, and transform the way financial services are accessed and delivered.”
Mastercard is actively contributing to this acceleration by co-creating solutions and providing access to partners, expertise, technologies, markets, and customers. This support empowers fintechs to develop, launch, and scale their innovative ideas, bringing more people into the digital economy.
The event offered valuable insights into how the Mastercard digital ecosystem empowers fintech companies to innovate and provide cutting-edge products and services. With over 50 fintechs and 70 attendees, the event facilitated dialogue and idea-sharing. This engagement was crucial in addressing the unique financial needs of different segments of the population. Attendees also explored the future of contactless payment technology, including QR Pay-by-link and Tap on Phone, ensuring a seamless payment experience.
Guests gained insights into the diverse range of innovative fintech products and solutions available in the market, promising improved and more accessible financial experiences for all.
Martin Kwame Awagah, President of The Ghana Fintech and Payment Association, expressed his excitement, stating, “I am truly excited about the Mastercard Fintech Day in Accra. This event marks a significant step in our journey towards a digitally inclusive financial landscape right here in Ghana. Fintech is not just about innovation; it’s about inclusion. Together with Mastercard, we are forging partnerships, bridging gaps, and creating opportunities that will drive financial inclusion and transform lives. We believe that by working collaboratively, we can shape a brighter future for all Ghanaians.”
The Telcos operating Electronic Money Institutions, who were all present, were acknowledged as industry innovators and invited to share their unique perspectives on advancing financial inclusion in Ghana. Key stakeholders in attendance greatly benefited from the Mastercard Fintech Day.
The Ghana Fintech and Payment Association explored ways to leverage Mastercard’s global expertise and commitment to enhance the growth and development of the fintech community in Ghana. This event reaffirmed Mastercard’s commitment to its ESG goal of connecting 1 billion people to the digital economy by 2025.
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