Speaking to attendees on Day 1 of the 3i Africa Summit in Accra, Dr. Ernest Addison, the Governor of the Bank of Ghana, identified one of the major challenges facing the continent’s fintech industry: the lack of scalability for investors. Dr. Addison emphasised the urgent need for Africa to accelerate its digitalization efforts by fostering indigenous financial technologies across the continent. He emphasised the importance of prioritising innovation, investment, and impactful policy to propel economic growth and development through digitalization. Dr. Addison also highlighted Africa’s advantageous position, citing its rapidly expanding and tech-savvy youthful population, widespread mobile phone usage, improving network accessibility, and the existence of indigenous fintech solutions.
He did, however, issue a warning that in the absence of adequate funding, the rate of innovation and scalability of fintech solutions may be hampered. “Fintech could impede the rate of innovation and scalability of solutions in attaining the intended impact of a digital Africa, notwithstanding the absence of necessary investment on the continent. One of the biggest issues facing local fintech is the widespread lack of investor scalability. Dr. Addison also emphasised the regulatory obstacles that fintech companies must overcome, stressing the significance of adhering to compliance standards and navigating regulatory obligations.
The issue of inadequate findings in the fintech area should also not be disregarded due to the regulatory element. We all agree that meeting compliance standards and navigating regulatory regulations are essential for fintech, and this is especially true in Africa’s financial sector. In order to boost the payment ecosystem, it is therefore necessary to close the knowledge gap that exists between investors and fintech businesses, he continued. Under the subject “Unleashing the Fintech and Digital Economic Potential of Africa,” the summit is anticipated to convene prominent figures from the global finance sector as well as those from Africa.
