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BoG Governor makes strong case for funding fintech sector

Dr Ernest Addison

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison is advocating for increased funding for  fintech start-ups on the African continent, to ensure they play a critical role in churning out financial solutions for economic growth.

Addison argues that the lack of requisite investment may significantly stunt the growth of the fintech movement in several ways.

Speaking at the media launch of the maiden 3i Africa Summit in Accra on Monday (26 February), Addison said regulation is a major reason why the sector needs funding.

Dr Ernest Addison

“Ladies and Gentlemen, to a great degree, the lack of funding can significantly stunt the growth of the fintech movement in several ways. Without sufficient capital, brilliant ideas, and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs have failed to progress to production.

Furthermore, a fintech is only as strong as its members and in that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent.

He said, “The regulatory aspect is another major reason we cannot ignore the issue of deficient funding in the FinTech space. This could hinder FinTech companies’ ability to navigate regulatory requirements and meet compliance standards, which we all agree are non-negotiables, especially in Ghana’s and Africa’s financial industry.”

“From the regular engagement with fintech startups as part of the bank’s innovation nurturing role, it has emerged that most of these nascent companies generally lack investor visibility. Hence, the need to address the information gap between investors and fintech startups to stimulate the payment ecosystem. This will help unleash the full potential of fintech startups to contribute meaningfully to the economic development of the African continent,” Addison said.

About 3i Africa Summit

3i Africa Summit is a fintech festival to drive Innovation, Investment and Impact for Africa’s Fintech and Financial Services sectors.

The summit will take place over three days from 13-15 May this year in Accra, under the theme ‘From Innovation to Impact: Investing in Africa’s Financial Sector to drive Africa’s Transformation’.

The initiative is jointly developed by the Bank of Ghana, the Monetary Authority of Singapore, Development Bank Ghana, and supported by Elevandi.

It is to spearhead transformative discussions, address key growth and investment opportunities, and explore how market players in the financial ecosystem are leapfrogging in digital transformation and pioneer the much-needed dialogues and actions to drive Africa’s fintech growth.

Reporting by Fred Dzakpata in Accra

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