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The Money Summit 2023: Future of fintech development is here, says BoG

Fintech is reshaping financial products, business models, markets - and even the concept of money itself - offering new ways to collect and use data

The head of Fintech and innovation at the Bank of Ghana, Kwame Oppong, has said that Fintech is the reality of what the future holds if we put the right mechanisms and modules in place.

“I think we have to accept a few things,” Oppong said at the third edition of The Money Summit held in Accra on Tuesday (9 May). “The fact that the financial sector and in fact society is moving digital; it’s done, the jury is in on that.” 

The summit recognised the importance of promoting sustainable finance through Fintech.

Fintech is reshaping financial products, business models, markets – and even the concept of money itself – offering new ways to collect and use data, create new investment assets, and extend innovative services.

This year’s theme, “Africa’s Robust Financial Sector: The Catalyst for Sustainable Economic Growth,” is timely given the current global and domestic challenges and financial difficulties.

Critical juncture

For her part, the MD of the Ghana Stock Exchange, Abena Amoah, said: “We find ourselves at a critical juncture in our history – a moment filled with both challenges and immense opportunities.”

According to her, the future of fintech is to explore the potential of our financial systems as catalysts for sustainability.

“It is imperative that we explore the potential of our financial systems as catalysts for progress, prosperity, and sustainability.”

During the panel discussion, the country manager of AZA Finance, Nana Yaw Owusu Banahene, said, “I see the future, the African market and Ghana, especially will have great access to certain financial services, we’ve spoken about financial inclusion a lot, but it’s limited to certain services. So, the future should look at how we can bring  diasporans and the African market closer together.”

The panel explored the expected benefits of this collaboration, which was completed by top persons from the banking fraternity.

The CEO of UMB, Nana Dwemoh Benneh, added that, “this phone that we all own dominates our waking hours today; while we’ve been talking, you have looked at your phone about two or three times combined with AI and data.

“This phone can predict where you live; there’s a lot that can be done in the digital world to predict your needs into direct products and services that we cannot even imagine.”

Benneh added that if we ignore fintech innovation, “we ignore it at our own peril.”

“That is where we are now, and it is increasingly dominating more and more of our financial services,” he added.

 

 

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