Gov’t to establish Innovation Fund to develop local FinTech industry

The government is said to be finalizing plans to establish an Innovation Fund aimed at further developing the local FinTech industry.

This is according to the Governor of the Central Bank, Dr Ernest Addison.

He made the disclosure while speaking at the press launch of the 3i Summit in Accra on Monday, February 26, 2024.

“Most importantly, the government will establish an innovation fund to promote the development of the FinTech industry in the country,” he quipped, however, remaining silent on the amount the Government is willing to commit to the Fund.

Speaking further at the press launch of the 3i Summit, Dr Addison noted that Ghana and the rest of the world have witnessed the remarkable shift and rapid emergence and evolution of financial digitalization and transactions.

According to him, Ghana and Africa in general stand on the precipice of a global digital era, and it could not be more imperative than now, that Africa embraces and accelerates the digitalization process of trade and finance to the same level playing field of the globe.

“We have an advantage in the digitization race as Africans. This is due to the bulging youthful population who are tech savvy, the high mobile phone penetration, the consistent expansion of mobile network assets, and more importantly, the rising homegrown FinTech solutions. These immense opportunities provide important crumbs for accelerating digitalization on the continent,” he remarked.

The press launch is to officially inform stakeholders, partners and the general public of the upcoming 3i Summit scheduled to take place in Ghana from the 13 to 15 May 2024 at the Accra International Conference Centre.

The 3i Africa Summit, initiative jointly developed by the Bank of Ghana, the Monetary Authority of Singapore, Development Bank Ghana, and supported by Elevandi, aims 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.

This event will host a list of attendees, including various Heads of State, key policymakers, investors, and leaders from the financial services sector across Africa and beyond.

The summit presents a platform for policy discourse, global alignment of intellectual resources, entrepreneurial endeavours, and investment networking.

It predominantly targets the African digital economic sector, including FinTech, with the intent of catalysing investments and fostering economic growth throughout the continent and fostering global partnerships for sustainable development.

Anchored on the theme ‘Unleashing Africa’s Fintech and Digital Economic Potential’, the 3i Africa Summit will be hosted in Ghana from 13 – 15 May 2024.

Source:norvanreports