By, Nsor Paul Mensah
The governor of the Bank of Ghana Dr. Ernest Addison has urged participants in the ongoing 3i Africa Summit to explore new opportunities in harnessing the development and socio-economic potential of the African continent.
Dr. Ernest Addison, who made the call at the opening ceremony of the 3i Summit in Accra, said the lack of investor scalability is a major challenge hindering the growth of fintech in Africa. He noted that it is imperative for stakeholders to explore new opportunities for positive digitalization change in the fintech space to overcome these challenges.
The 3i Africa Summit, taking place at the International Conference Centre in Accra from May 13th-15th, 2024, is under the theme: "Unleashing Africa's FinTech and Digital Economic Potential."
Dr. Addison added, "Together, let us work so that this 3i Africa Summit serves as a catalyst for positive digitalization change that will resonate across Africa and beyond."
He underscored the urgent need for Africa to accelerate its digitalization efforts by nurturing homegrown financial technologies across the continent.
He admonished the continent to prioritize innovation, investment, and impactful policy, believing that this will propel economic growth and development through digitalization.
Furthermore, Dr. Addison emphasized that fintech requires regulations to bridge the information gap between investors and fintech startups. He stated that this will stimulate the payment system and dictate compliance standards in the space.
"The regulatory aspect is another reason not to ignore the issue of deficient funding in the fintech space. Fintech should have the ability to navigate regulatory requirements and meet compliance standards, which we all agree are non-negotiable, especially in Africa's financial industry. Hence, the need to address the information gap between investors and fintech startups to stimulate the payment ecosystem," he added.
On his part, the Minister of Finance, Dr. Mohammed Amin Adam, emphasized the government's unwavering commitment to creating an enabling environment for the growth of the financial sector.