Ghana Tops Africa in Financial Inclusion Access, Cites Vice President Bawumia

Vice President Dr. Mahamudu Bawumia announced that Ghana has secured the top spot in Africa for access to financial inclusion, attributing the success to the effective implementation of the government’s digitalization agenda. This revelation came during the launch of the 3i Africa Summit 2024 in Accra.

Dr. Bawumia highlighted that the broad acceptance of the Ghana card as the primary identification document for financial transactions in the country would contribute to reducing Non-Performing Loans and mobile money fraud. These advancements have collectively propelled Ghana to the leading position in Africa concerning access to financial inclusion.

Emphasizing the role of financial technology (fintech) in the digital revolution, Dr. Bawumia underscored that Africa’s journey would differ from that of many other countries. He advocated for mutual learning among African nations while drawing inspiration from global experiences.

The Governor of the Bank of Ghana, Dr. Ernest Addison, revealed the government’s plans to introduce the Fintech Innovation Fund, aimed at fostering growth in the fintech industry.

Kwamina Duker, CEO of the Development Bank Ghana, highlighted the human element in the ongoing digital revolution. He emphasized the necessity of skilled individuals to execute and implement technological advancements effectively.

In a collaborative effort, the Bank of Ghana and the Development Bank Ghana launched the inaugural 3i Africa Summit, a fintech festival focusing on driving innovation, investment, and impact in Africa’s financial services sector. With the theme “Unleashing Africa’s Fintech and Digital Economic Potential,” the summit is scheduled to take place in Accra from May 13 to 15, 2024, at the Accra International Conference Centre.

The launch event witnessed the presence of prominent figures, including the Vice President, relevant ministers, the Secretary-General of the AfCFTA, the Governor of the Bank of Ghana, heads of multilateral organizations, diplomatic missions, industry associations, and other stakeholders.