3i Africa Summit: Governor of Bank of Ghana Calls For More Investments For Fintechs in Africa
At the just concluded 3i summit organized jointly by the Bank of Ghana (BoG), Development Bank Ghana (DBG), and the Monetary Authority of Singapore (MAS) through its subsidiary, Elevandi, the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, emphasized the need for increased investment in local fintech companies in Africa.
With the discussions, exhibitions, and networking organized around the theme: “Unleashing Africa’s fintech and digital economic potential”, Dr. Addison said without sufficient capital, brilliant ideas and prototypes of Fintech startup solutions that have the potential to address diverse financial service needs would fail to progress to production.
At the summit’s opening, Dr. Addison also highlighted the importance of regulatory compliance as a critical issue linked to insufficient funding in the fintech sector. He said Fintechs must have the capacity to navigate regulatory requirements and meet compliance standards, which are non-negotiable, especially in Africa’s financial industry.
He also pointed out that Africa has a significant advantage in the digitalization race due to its growing, tech-savvy youth population, high mobile phone penetration, the ongoing expansion of mobile network access, and the rise of homegrown fintech solutions.
While these are commendable, it is important to note that lack of requisite investment in African Fintechs could slow the pace of innovation and scalability of solutions in achieving the desired impact of a digitised Africa,” he added.
Dr Addison said the high mobile phone penetration, coupled with a pool of local technology talents, had resulted in various Fintech solutions that had expanded access to financial services to the unbanked and the underserved.
The Governor added that micro, small and medium enterprises (MSMEs) now had online presence, enabling them to expand their market reach outside the localities of operations.
