The Governor of the Bank of Ghana (BoG) has called for more investment in Africa’s fintech space to accelerate the rate of development and innovation on the continent.
Addressing attendees on Day 1 of the 3i Africa Summit in Accra, Dr. Addison explained that the industry’s potential largely depends on investment in the fintech space and the ability of startups to access capital.
“The 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 said.
He reiterated that sufficient capital must be directed towards startups to enable them to develop credible prototypes of home-grown solutions that address inefficiencies on the African continent.
“Without sufficient capital, brilliant ideas and the prototypes of fintech startup solutions with the potential to address diverse financial service needs fail to progress to production,” Dr Addision explained.
He stressed the importance of prioritising innovation, investment, and impactful policy to propel economic growth and development through digitalisation.
Dr. Addison highlighted Africa’s advantageous position, citing its rapidly expanding and tech-savvy youthful population, widespread mobile phone usage, improving network accessibility, and the presence of indigenous fintech solutions.
The event seeks to generate greater momentum and traction for Africa’s digital finance agenda by causing finance, policy and technology to meet at the crossroads.
This is expected to foster important conversations and also strategic alliances to nurture the flourishing African digital economy and fintech sector.
The summit is under the theme ‘Unleashing the Fintech and Digital Economic Potential of Africa’ and it is expected to bring together key players within the finance sector across Africa and the globe.