BoG governor advocates for increased funding in the fintech industry

The governor of the Bank of Ghana has demanded increased funding for the fintech industry in Africa. Dr. Ernest Addison believes that this action will quicken the pace of innovation and progress. He clarified that this problem and start-ups’ access to funding are key factors determining the industry’s potential. “…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 stated. At the 3i Africa Summit, which took place at the Accra International Conference Centre, the BoG boss stated the above.

Through forcing policy, technology, and finance to collide, the event aims to give Africa’s digital finance agenda more impetus and traction. Speaking to the assembly, Dr. Addison reaffirmed how vital it is to provide entrepreneurs with enough funding so they may create viable prototypes of indigenous solutions that deal with 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,” stated Dr. Addision. Dr Mohammed Amin Adam, the minister of finance, was also present at the function.

“We must all come together around an African agenda that delivers capital by leveraging public-private partnerships, impact investing, and donor funding,” he continued on Monday, May 13. “An agenda that delivers investments in digital infrastructure, extended mobile network coverage, and established broadband networks for widespread fintech adoption and financial inclusion in underserved areas,” he believed. “This is how we can realise our development ambitions in Africa.” Participants will gain from a multimodal venue for policy discussions, worldwide alignment of academic resources, entrepreneurial endeavours, and investment networking throughout the course of the following three days. It is anticipated that this will lead to significant discussions and the formation of strategic partnerships that will support the thriving fintech and digital economies in Africa.

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